A recent survey has shown that the accumulation of whales in Bitcoin (BTC) is currently progressing at a pace similar to the movement before the bull run in 2020. According to a weekly report from CryptoQuant published on May 6, daily injections of $1 billion into Bitcoin have been observed, along with a significant increase in whale shares, mirroring activity seen in mid-2020.
The data indicates a consistent growth in demand for the largest cryptocurrency in the market over the past month, with traders adding 70 BTC tokens to their holdings. The report stated, “Bitcoin demand among long-term holders has resulted in an increase of 70,000 Bitcoins in the last 30 days. Large investors are increasing their demand by 4.4% per month, injecting $1 billion daily into Bitcoin, reminiscent of the pre-rally activity in 2020.”
Furthermore, the report mentioned a substantial increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819K to 859K.
A well-known cryptocurrency analyst has shared a forecast for Bitcoin’s price in June 2024, predicting a significant increase this month. In his analysis on YouTube, the pseudonymous expert PlanB suggested that BTC could reach a price target of at least $100,000 in the near future.
As of the latest data, the price of Bitcoin was quoted at $71,550.05, showing a 0.7% increase in the last 24 hours and a 4.5% appreciation in the last seven days.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Thailand has approved its first spot Bitcoin ETF.