A recent survey has shown that there is a significant accumulation of whales in the Bitcoin (BTC) market, similar to the movement seen before the 2020 bull run.
According to a weekly report from CryptoQuant released on May 6, daily injections of $1 billion into Bitcoin and a notable increase in whale holdings have been observed, reminiscent of the activity in mid-2020. The data indicates a growing demand for the leading cryptocurrency, with traders adding 70 BTC tokens in the past month.
“Bitcoin demand among long-term holders has surged by 70 thousand Bitcoins in the last 30 days. Large investors are increasing their holdings by 4.4% monthly and injecting $1 billion into Bitcoin daily, mirroring the pre-rally activity seen in 2020.”
Moreover, large investors are injecting $1 billion daily into Bitcoin, similar to the pre-rally activity seen in 2020.
The report also noted a significant rise in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings increasing from 819K to 859K.
Looking ahead to June 2024, a popular cryptocurrency analyst has forecasted a substantial increase in Bitcoin price. The analyst, PlanB, predicted that BTC could reach at least $100,000 in the near future.
As of the latest data, Bitcoin was trading at $71,550.05, marking a 0.7% increase in the last 24 hours and a 4.5% appreciation over the past week.
Please note that 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.