On July 10th, Ki Young Ju, founder and CEO of CryptoQuant, released data on the social platform saying that bitcoin long-term holder addresses (mainly custodial wallets without capital outflows) have accumulated 85,000 BTC in the past 30 days. These wallets are neither ETFs, exchanges, nor miners. During the same period, spot bitcoin ETF addresses have recently outflows of 16,000 BTC.