A recent survey has shown that there is a growing accumulation of whales in Bitcoin (BTC), similar to the movement before the 2020 bull run. According to a weekly report from CryptoQuant released on May 6, there are daily injections of $1 billion into Bitcoin, along with a significant increase in whale holdings, reminiscent of mid-2020 activity.
The data indicates a continuous increase in demand for the leading cryptocurrency, with traders adding 70 BTC tokens in the past month. The report stated, “Bitcoin demand from long-term holders has increased by 70,000 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, similar to pre-2020 rally levels.”
In addition, large investors are injecting $1 billion daily into Bitcoin, mirroring the pre-2020 rally activity. The report also noted a significant rise in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings increasing from 819K to 859K.
Looking ahead to June 2024, there are speculations about Bitcoin reaching $100,000. A prominent cryptocurrency analyst shared a forecast predicting a substantial price increase this month. The analyst, PlanB, mentioned in a YouTube analysis that BTC could potentially reach the $100,000 mark soon.
As of the latest data, Bitcoin was trading at $71,550.05, with a 0.7% increase in the last 24 hours and a 4.5% appreciation in the past week.
Please note that the views expressed in this article are for informational purposes only and should not be considered financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF.