💥💥💥 Enormous #bitcoin #whale 🐳🐳🐳 Adds $1 Billion in $BTC Every Day: Who Is It?
According to a report by WuBlockchain, based on research from CryptoQuant, approximately $1 billion worth of Bitcoin is being added daily to a significant new whale wallet. This surge is likely due to institutional investors purchasing Bitcoin and transferring it to custodial wallets. Over the past 30 days, long-term holders have accumulated 70,000 BTC, with whale demand increasing at a rate of 4.4% per month.
A sustained price rally for Bitcoin is anticipated due to improving conditions driving demand growth. Several factors contribute to this rebound:
1. Growth in Large Investors and Permanent Holders: There is a noticeable increase in the combined balances of large investors and permanent holders. This suggests a rising conviction among long-term Bitcoin holders.
2. $1 Billion Daily Inflows: Significant new Bitcoin investors are injecting $1 billion daily. This substantial investment indicates growing interest and confidence among prominent market participants.
3. Increase in Bitcoin Purchases from Spot ETFs in the USA: The approval of spot #BitcoinETFs in the USA and subsequent increased activity have boosted demand. This new investment channel offers investors a more accessible way to gain exposure to Bitcoin.
Moreover, heavy selling by traders has exhausted the market. The unrealized profit ratio resetting to 0% indicates reduced selling pressure, signaling the onset of a new accumulation phase.
Additionally, since the approval of spot ETH ETFs in the USA on May 20, Ethereum has seen a surge in demand. Both long-term Ethereum holders and major investors have increased their ETH purchases, reflecting a similar trend of growing confidence in Ethereum alongside Bitcoin.
However, despite positive signs for both Bitcoin and Ethereum, the growth trajectory of #stablecoin liquidity has not yet been restored.
Source - u.today
