A recent survey has shown that the accumulation of whales in Bitcoin (BTC) is currently happening at a pace similar to the movement seen before the bull run of 2020. 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 shares, mirroring activity from mid-2020.
The data indicates that demand for the largest cryptocurrency in the market has been steadily increasing over the past month, with traders adding 70 BTC tokens. The report stated, “Bitcoin demand among long-term holders has added 70,000 Bitcoins in the last 30 days. Large investors are increasing their demand by 4.4% each month. Moreover, these large investors are injecting $1 billion daily into Bitcoin, reminiscent of the pre-rally activity seen in 2020.”
Furthermore, the report highlighted a significant increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
In terms of price forecasts for June 2024, a well-known cryptocurrency analyst predicts a substantial increase in Bitcoin’s price, possibly reaching $100,000. The analyst, PlanB, shared this prediction in a recent analysis on his YouTube channel, stating that BTC could soon hit the $100,000 mark.
As of the time of publication, the price of Bitcoin was quoted at $71,550.05, with a 0.7% increase in the last 24 hours and a 4.5% increase over the past seven days.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF.