A recent survey has shown that there is a significant accumulation of whales in Bitcoin (BTC) at a pace similar to the movement before the bull run in 2020.
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, mirroring activity seen in mid-2020. The data indicates a growing demand for the leading cryptocurrency, with traders adding 70 BTC tokens over the past month.
The report also mentioned a substantial increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
Additionally, large investors are injecting $1 billion daily into Bitcoin, reminiscent of pre-rally activity in 2020.
A well-known cryptocurrency analyst has forecasted a significant price increase for Bitcoin in June 2024, with the potential for BTC to reach $100,000. In a recent analysis shared on his YouTube channel, PlanB predicted that Bitcoin could soon hit the $100,000 mark.
As of the time of publication, the price of Bitcoin was at $71,550.05, showing a 0.7% increase in the last 24 hours and a 4.5% appreciation in the last seven days.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Trading or investing in cryptocurrencies carries inherent risks of financial loss.
