Bitcoin Whales Dive Deep Into Accumulation: Are We Witnessing the Beginning of a Bull Run?
Bitcoin Whales Dive Deep Into Accumulation: Are We Witnessing the Beginning of a Bull Run? Insights from CryptoQuant Analysts!
As Bitcoin whales ramp up their BTC holdings to unprecedented levels, the anticipation of a price surge looms large.
Author:
Elif Azra Güven
07.06.2024 – 10:34
Update:
6 seconds ago
0
Bitcoin has recently shifted gears towards a bullish trajectory. With prices comfortably above $71,000, the allure of BTC among investors is on the rise.
Long-term investors are once again embracing accumulation strategies following profit-taking post-ATH in March, with data revealing substantial BTC purchases by whales last month.
CryptoQuant has highlighted a notable uptick in Bitcoin demand growth, a pivotal factor for sustainable price appreciation.
In light of this, CryptoQuant has identified three key factors fueling Bitcoin demand growth:
“1- Remarkable surge in BTC holdings by long-term investors and whales,
2) Daily acquisitions of $1 billion worth of BTC by new prominent whales,
3) Escalating flows into spot Bitcoin ETFs in the US signaling heightened appetite for Bitcoin.”
The resurgence in demand from large investors (whales) and long-term holders post-March slowdown is palpable.
On one hand, long-term Bitcoin holders have accumulated a whopping 70,000 Bitcoins in the past month, marking the largest surge since late April.
Concurrently, whale-driven Bitcoin demand is growing at a monthly rate of 4.4%, the sharpest uptick since April 20.
“The burgeoning demand from long-term Bitcoin holders and whales is poised to bolster Bitcoin’s price,” affirm CryptoQuant analysts.
The analysts note a decline in intense investor selling post-ATH in March, with “investors’ unrealized profit rate hitting 0%. This suggests the market may have reached a state of equilibrium. Reduced selling pressure on Bitcoin paves the way for potential upward price movement,” they opine.
In addition to Bitcoin, CryptoQuant analysts have observed a surge in Ethereum interest.
Since May 20, Ethereum demand has been on the rise following the approval of spot ETH ETFs in the US. Long-term Ethereum investors are now averaging 40,000 ETH purchases daily post-May 20, compared to a mere 5,000 ETH pre-approval. Likewise, the total assets of large ETH investors are also witnessing accelerated growth.
*This is not investment advice.
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