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Bitcoin Whales Increase Their Holdings: They Are Accumulating BTC Aggressively! Is a Bull Run Imminent?
Bitcoin Whales Increase Their Holdings: They Are Accumulating BTC Aggressively! Is a Bull Run Imminent? Insights from CryptoQuant Analysts!
As Bitcoin whales continue to accumulate BTC at unprecedented levels, this is anticipated to drive up the price.
By:
Elif Azra Güven
07.06.2024 – 10:34
Last Updated:
6 seconds ago
0
Bitcoin has recently shifted into a bullish trend. With prices above $71,000, investor interest in BTC is on the rise.
At this juncture, as long-term investors resume accumulation following profit-taking post-ATH in March, data indicates that BTC whales made significant purchases last month.
CryptoQuant observed a notable surge in Bitcoin demand, a critical factor for sustainable price growth.
According to CryptoQuant, three key factors are fueling Bitcoin demand:
“1- A substantial rise in total BTC balances of long-term Bitcoin investors and major players like whales,
2) New large Bitcoin whales acquiring $1 billion daily,
3) Increased inflows into US spot Bitcoin ETFs, signaling heightened demand for Bitcoin.
The demand for Bitcoin from major investors (whales) and long-term holders is picking up pace once again after a slowdown post-March.
Meanwhile, long-term Bitcoin holders have accumulated 70 thousand Bitcoins in the last 30 days, marking the largest increase since late April.
Additionally, Bitcoin demand from whales is currently growing at a monthly rate of 4.4%, the fastest increase since April 20.
“The escalating demand from long-term Bitcoin holders and whales will have a positive impact on Bitcoin’s price.”
CryptoQuant analysts note that the intense selling by investors post-ATH in March has subsided, with “investors’ unrealized profit rate reaching 0%. This suggests that the market may have hit an equilibrium point. The reduced selling pressure in Bitcoin supports the potential for an upward price movement,” they stated.
CryptoQuant analysts also highlighted a growing interest in Ethereum alongside Bitcoin.
They mentioned that Ethereum demand has surged since May 20, following the approval of spot ETH ETFs in the USA. They added, “The daily ETH purchases by long-term Ethereum investors averaged 40 thousand ETH after May 20, compared to 5 thousand ETH before the ETF approval announcement. Similarly, the growth in the total assets of large ETH investors has accelerated,” they noted.
*This is not investment advice.
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