Bitcoin demand is surging as whales accumulate over 70,000 BTC in the past month, indicating a continued rally towards all-time highs. With Bitcoin (BTC) holding above $71,000, the appetite among long-term holders is growing, fueled by significant purchases from large investors.
Large BTC Investors Contributing $1 Billion in Daily Inflows
According to CryptoQuant, Bitcoin demand is experiencing a substantial increase, driven by several key factors:
Growth in Balances of Permanent Holders and Large Investors: There is a notable increase in the total balances of long-term holders and substantial investors, showcasing strong confidence in BTC's future performance.
Daily Inflows from Large Bitcoin Investors: The market has observed $1 billion in daily inflows from new large Bitcoin investors, indicating a rising interest and investment in the cryptocurrency.
Increase in Bitcoin Purchases from Spot ETFs: There has been a significant rise in Bitcoin purchases from spot ETFs in the USA, further boosting demand.
Additionally, heavy selling by traders has diminished. The unrealized profit ratio has reset to 0%, suggesting that the market may have reached equilibrium. This reduction in selling pressure is contributing to the current stability and potential upward movement in BTC prices. CryptoQuant reports 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%.
Continued Inflows into Bitcoin ETFs
Bitcoin spot ETFs have witnessed 18 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.
Potential for Bitcoin to Reach $80,000
The combination of strong accumulation by whales, sustained daily inflows, and increased demand from spot ETFs suggests a bullish outlook for Bitcoin. If these trends continue, Bitcoin could potentially reach the $80,000 mark in the near future.
As Bitcoin maintains its position above $71,000, the factors driving its demand indicate a robust foundation for future price increases. The growing confidence among long-term holders and substantial investors, coupled with the steady inflows into Bitcoin ETFs, sets the stage for a continued rally towards new all-time highs.
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