A recent survey has shown that the accumulation of whales in Bitcoin (BTC) is currently on par with the movement seen before the 2020 bull run. According to a weekly report from CryptoQuant released on May 6, there have been daily injections of $1 billion into Bitcoin, along with a significant increase in whale holdings, mirroring activity seen in mid-2020.
The data indicates a growing demand for the largest cryptocurrency in the market, with traders adding 70 BTC tokens in the last month. The report stated, “Bitcoin demand from long-term holders has led to an addition of 70 thousand Bitcoins in the past 30 days. Large investors are increasing their demand by 4.4% monthly. Moreover, these investors are injecting $1 billion daily into Bitcoin, reminiscent of the pre-rally activity seen in 2020.”
In addition to this, the report highlighted a significant increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
Looking ahead to June 2024, a well-known cryptocurrency analyst shared a bullish forecast for Bitcoin’s price, predicting a potential surge to $100,000. In a recent analysis on his YouTube channel, the analyst, known as PlanB, suggested that BTC could soon reach the $100,000 mark.
As of the time of publication, the price of Bitcoin was quoted at $71,550.05, marking a 0.7% increase in the last 24 hours and a 4.5% increase over the last seven days.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF.