In the past month, the market mechanisms of Bitcoin have undergone a significant change, with Bitcoin whales (large holders) accumulating substantial amounts of BTC. On-chain data indicates that no less than 404,448 BTC, which represents approximately $23 billion, have been transferred to "permanent addresses."

This accumulation surged rapidly after August 5, when the Bitcoin market crashed and the price of the cryptocurrency dropped to $49,800. Since then, however, the price of Bitcoin has risen by about 14%, currently valued around $56,759.

Interestingly, the recent inflows are not linked to ETF portfolios but are primarily held in custodial wallets with no outgoing transactions. This underscores that many large investors are still adopting a long-term strategy.