A recent survey has revealed that the accumulation of whales in the Bitcoin (BTC) market is currently on par with the movement seen 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 significant increase in whale holdings suggest activity similar to that seen in mid-2020.
The data indicates a consistent growth in demand for the largest cryptocurrency over the past month, with traders adding 70,000 BTC tokens to their portfolios. The report stated, “Bitcoin demand from long-term holders has increased by 70,000 Bitcoins in the last 30 days. Large investors are witnessing a 4.4% monthly growth in demand. Moreover, these investors are injecting $1 billion into Bitcoin daily, reminiscent of the pre-rally activity in 2020.”
Additionally, the report noted a substantial 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 prominent cryptocurrency analyst shared their prediction of a significant price increase this month, possibly reaching the $100,000 mark. The analyst, PlanB, mentioned in a recent analysis on their YouTube channel that BTC could soon hit the $100,000 level.
As of the latest data, Bitcoin’s price is quoted at $71,550.05, with a 0.7% increase in the last 24 hours and a 4.5% appreciation over the past week.
It’s important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF.