A recent survey has indicated that there is a significant accumulation of whales in Bitcoin (BTC), reminiscent of the activity before the bull run in 2020. According to a weekly report by CryptoQuant released on May 6, daily injections of $1 billion into Bitcoin have been observed, along with a notable increase in whale holdings, mirroring trends seen in mid-2020.
The data suggests that demand for the leading cryptocurrency has been steadily increasing over the past month, with traders adding 70,000 BTC tokens to their portfolios. The report stated, “Bitcoin demand among long-term holders has surged, adding 70,000 Bitcoins in the last 30 days. Large investors are increasing their holdings by 4.4% each month, with daily injections of $1 billion into Bitcoin, reminiscent of pre-rally activity in 2020.”
Additionally, large investors are injecting $1 billion daily into Bitcoin, resembling the activity seen before the 2020 rally. The report also noted a significant increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819,000 to 859,000.
In terms of price forecast for June 2024, a well-known cryptocurrency analyst predicted a substantial increase in Bitcoin’s price, estimating it could reach $100,000. The analyst, PlanB, shared his prediction on YouTube, stating that BTC could soon reach the $100,000 level.
As of the time of publication, the price of Bitcoin was at $71,550.05, with a 0.7% increase in the last 24 hours and a 4.5% appreciation over the past seven days.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
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