Bitcoin Whales Buying $1 Billion Worth BTC on Daily Basis, $80,000 Coming Soon
As the Bitcoin (BTC) price holds above $71,000, the appetite for long-term holders seems to be growing once again. It seems that the BTC whales have once again returned to massive accumulation while buying in large quantities over the past month.
Large BTC investors Contribute $1 Billion in Daily Inflows
CryptoQuant has reported a significant improvement in Bitcoin demand growth, which is a crucial condition for a sustainable price rally. Several factors contribute to this positive trend:
Growth in Balances of Permanent Holders and Large Investors: There has been a faster growth rate in the total balances of long-term holders and substantial investors, indicating strong confidence in BTC’s future performance.
Daily Inflows of Large Bitcoin Investors: The market has seen $1 billion in daily inflows from new large Bitcoin investors, suggesting a growing interest and investment in the cryptocurrency.
Increase in Bitcoin Purchases from Spot ETFs: There has been a noticeable rise in Bitcoin purchases from spot ETFs in the USA, further boosting demand.
Additionally, the report highlights that heavy selling by traders has subsided. This is evidenced by the unrealized profit ratio resetting to 0%, signaling that the market may have reached a point of equilibrium, with reduced selling pressure contributing to the current stability and potential for upward movement in BTC prices.
Courtesy: CryptoQuant
CryptoQuant has observed a significant resurgence in the buying appetite of Bitcoin whales, reaching its highest level in the past two months. Permanent holders have amassed 70,000 BTC over the past 30 days, with whale demand for Bitcoin increasing at a monthly rate of 4.4%.
The Bitcoin ETF Inflows Take A Hit
On the other hand, the spot Bitcoin ETFs have finally broken the streak of 17 consecutive days of inflows. On Thursday, June 6, the total net inflow of U.S. Bitcoin spot ETFs amounted to $218 million. Grayscale’s ETF, GBTC, experienced a single-day outflow of $37.574 million, while BlackRock’s ETF, IBIT, saw a single-day inflow of $350 million. The cumulative historical net inflow for IBIT has now reached $17.431 billion.
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Filed under: News - @ June 7, 2024 4:56 am