A recent survey has shown that the accumulation of whales in Bitcoin (BTC) is currently moving at a pace similar to the movement before the bull run of 2020. According to a weekly report from CryptoQuant released on May 6, daily injections of $1 billion into Bitcoin have been observed, along with a significant increase in whale holdings, reminiscent of the activity seen in 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 to their portfolios. The report stated, “Bitcoin demand among long-term holders has resulted in an addition of 70 thousand Bitcoins in the last 30 days. Large investors are increasing their demand by 4.4% monthly. Moreover, these investors are injecting $1 billion daily into Bitcoin, mirroring 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 forecast for Bitcoin in June 2024, a well-known cryptocurrency analyst shared a prediction of a substantial increase in the price of the largest cryptocurrency this month. The analyst estimated that Bitcoin could reach at least the $100,000 level in the near future.
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% appreciation in the last 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.
