A recent survey has shown that the accumulation of whales in the Bitcoin (BTC) market is currently progressing at a rate similar to the movement observed before the bull run in 2020.
According to a weekly report from CryptoQuant released on May 6, the survey indicates that there are daily inflows of $1 billion into Bitcoin, along with a significant increase in whale holdings, reminiscent of the activity seen in mid-2020. The data reveals a consistent growth in demand for the largest cryptocurrency, with traders adding 70 BTC tokens in the past month.
The report states, “Bitcoin demand from long-term holders has increased by 70,000 Bitcoins in the last 30 days. Demand from large investors is growing by 4.4% monthly. Additionally, large investors are injecting $1 billion daily into Bitcoin, similar to the pre-rally activity in 2020.”
Furthermore, the report highlights a notable increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
In other news, a well-known cryptocurrency analyst has shared a forecast for Bitcoin price in June 2024, predicting a substantial increase this month. The analyst suggests that BTC could reach a price target of at least $100,000 in the near future.
At the time of publication, the Bitcoin price was hovering around $71,550.05, showing a 0.7% increase in the last 24 hours and a 4.5% appreciation in the past week.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In a separate development, Thailand has approved its first spot Bitcoin ETF, signaling a growing acceptance of digital assets in the financial market.