A recent survey has revealed that the accumulation of whales in Bitcoin (BTC) is currently happening at a pace similar to the movement prior to the bull run seen in 2020. According to a weekly report from CryptoQuant released on May 6, there have been daily injections of US$1 billion into Bitcoin, along with a significant increase in whale shares, indicating a level of activity similar to that seen in mid-2020.
The data shows that demand for the largest cryptocurrency in the market has been steadily growing over the past month, with traders adding 70 BTC tokens. The report stated, “Bitcoin demand growth in long-term holders has resulted in the addition of 70 thousand Bitcoins in the last 30 days. Demand from large investors is increasing by 4.4% per month. Additionally, large investors are injecting $1 billion daily into Bitcoin, resembling 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 Bitcoin price forecast for June 2024, a well-known cryptocurrency analyst shared a prediction about the next price movements of the largest cryptocurrency, estimating a substantial increase this month. The analyst suggested that BTC could reach a price target of at least $100,000 in the near future.
As of the time of publication, the Bitcoin price was quoted at US$71,550.05, showing a 0.7% increase in the last 24 hours and a 4.5% increase over the past seven days.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF, marking a significant development in the cryptocurrency market.
