A recent survey has shown that the accumulation of whales in Bitcoin (BTC) is currently happening at a pace similar to that before the 2020 bull run. According to a weekly report from CryptoQuant released on May 6, there is a daily injection of $1 billion into Bitcoin, along with a significant increase in whale activity, mirroring trends seen in mid-2020.
The data indicates that demand for the largest cryptocurrency in the market has been steadily growing over the past month, with traders adding 70 BTC tokens. “Bitcoin demand among long-term holders has resulted in an additional 70 thousand Bitcoins being accumulated in the last 30 days. Demand from large investors is growing by 4.4% per month, with daily injections of $1 billion into Bitcoin by these investors, reminiscent of the pre-rally activity in 2020.”
Moreover, large investors are injecting $1 billion daily into Bitcoin, similar to the pre-rally activity in 2020. The report also pointed out a significant increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
In terms of Bitcoin price forecast for June 2024, there is speculation about BTC reaching $100,000. A well-known cryptocurrency analyst shared a forecast predicting a substantial increase in the cryptocurrency’s price this month. In his analysis on YouTube, PlanB suggested that BTC could reach a price target of at least $100,000 soon.
As of the latest data, Bitcoin was priced at $71,550.05 with a 0.7% increase in the last 24 hours and a 4.5% appreciation in the last seven days.
Disclaimer: The views expressed in this article are for informational purposes only and should not be considered financial advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF.