Bitcoin
Bitcoin (BTC) Whales Buying $1 Billion in Bitcoin Daily, $80,000 Soon
While the Bitcoin (BTC) Price holds above $71,000, the appetite for long-term holders appears to be growing once again. It appears that BTC whales have once again returned to massive accumulation as they purchased in large quantities last month.
Large BTC Investors Contribute $1 Billion in Daily Inflows
CryptoQuant reported a significant improvement in demand growth for Bitcoin, which is a crucial condition for a sustainable price recovery. Several factors contribute to this positive trend:
- Growth in Balances of Permanent Holders and Large Investors: There was 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 from major Bitcoin investors: The market has seen daily inflows of $1 billion from new large Bitcoin investors, suggesting growing interest and investment in the cryptocurrency.
- Increase in Bitcoin purchases from spot ETFs: There has been a notable increase in Bitcoin purchases from spot ETFs in the US, further increasing demand.
Furthermore, the report highlights that intense sales by traders have decreased. This is evidenced by the reset of the unrealized profits ratio to 0%, signaling that the market may have reached an equilibrium point, with reduced selling pressure contributing to the current stability and potential for upward movement in BTC prices.
CryptoQuant has observed a significant resurgence in buying appetite for Bitcoin Whales, reaching the highest level of the last two months. Permanent holders have accumulated 70,000 BTC in the last 30 days, with whale demand for Bitcoin increasing at a monthly rate of 4.4%.
Bitcoin ETF flows continue
On the other hand, the location Bitcoin ETFs witnessed 18 consecutive days of influxes. As of Thursday, June 6, the total net flow of US Bitcoin spot ETFs totaled $218 million. Grayscale’s ETF, GBTC, saw an outflow of $37.574 million in a single day, while BlackRock’s ETF, IBIT, saw an inflow of $350 million in a single day. The historical accumulated net inflow for IBIT has now reached 17.431 billion dollars.
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Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in the learning process and stays motivated by sharing the knowledge acquired. In his free time, he reads suspense fiction novels and sometimes explores his cooking skills.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.