CryptoQuant CEO Ki Young Ju said in a post that BTC is in the accumulation stage. In the past month, 358,000 BTC were transferred to permanent holder addresses. In July, global Bitcoin spot ETF inflows were 53,000 BTC. While not all of the remaining BTC is in custodial wallets, whales are clearly accumulating and at unprecedented levels. The recent influx of BTC into long-term holder addresses is not due to ETF wallets. These wallets are neither exchange wallets nor miner wallets, and there are no outflows; they are mostly custodial wallets.