Bitcoin whales' BTC accumulation slows as ”permanent holders” stockpile at a rapid pace

Investors holding large amounts of Bitcoin have found that the rate at which they are accumulating the cryptocurrency has slowed significantly compared to when it hit record highs earlier this year.
According to data from on-chain analytics platform CryptoQuant, most demand indicators are currently showing signs of weakness.
According to CryptoQuant's latest weekly report, the 30-day percentage change in Bitcoin whale holdings is
That's down from 6% this year to just 1% now. That's a significant slowdown from the fastest rate of accumulation since February 2019, when Bitcoin was just 1% of its value when it hit its all-time high.
"Historically, monthly growth in whale holdings of over 3% has been associated with a strong inflow of Bitcoin," CryptoQuant said.
"The price has been shown to rise, but that is not the case now," he said. A U.S. Bitcoin spot exchange-traded fund (ETF) was expected to be an alternative to create new demand, but
The situation is currently unreliable, and the report diagnoses that a recovery in physical ETF purchases is essential to increasing overall demand for Bitcoin and spurring price growth.
However, despite the market's "summer downturn," perpetual holders who never sell their Bitcoin continue to accumulate it.
Unlike whales, this group has not been shy about increasing its BTC exposure. According to the report, “the overall Bitcoin demand
Despite the slowing growth, perpetual holders continue to accumulate Bitcoin at unprecedented levels."
Their holdings are growing at a record pace of 391,000 BTC per month.
In essence, that's a faster rate than the first quarter of this year, when the price of Bitcoin surpassed $70,000.