Crypto "whales" have stepped up their purchasing activities to a level not seen in two months.
Despite Bitcoin's current battle with the $70,000 barrier, investors continue to show no symptoms of fear of missing out.
There was a significant increase in activity among US spot Bitcoin ETFs, which indicates that market interest is expanding.
Although the price of Bitcoin (BTC) has recently leveled out at roughly $71,000, it is still displaying an optimistic outlook. There is no fear of missing out (FOMO) among investors, on-chain data shows that whales are making a strong comeback with purchasing power, and the number of US spot Bitcoin ETFs is growing. All of this points to fresh all-time highs for Bitcoin.
Bitcoin speculators amassing
According to CryptoQuant's Total Whale Holdings and Monthly Percentage Change data, "whales" (very big investors or institutions) control a combined total of Bitcoin, and their effect on the cryptocurrency market is enormous.
This portfolio's percentage change over a given month is shown by the Monthly percentage Change. This measure is carefully watched to gauge market sentiment and possible future market moves. The price of Bitcoin is greatly affected by the buying and selling activity of these large holders.
The 30-day percentage change for Bitcoin reached a two-month high between May 6 and June 6, rising from 2.79% to 5.08%. The return of the whales with their massive purchasing power is evident from this 2.29 percentage point rise.
A historical overview of the total amount of Bitcoin owned by all ETF issuers combined is shown by Historical Bitcoin Holdings Trend (Aggregated), according to CryptoQuant data for Bitcoin ETFs. If the total amount of Bitcoin held by ETFs goes up or down, it might indicate that institutional investors are looking for other ways to invest in Bitcoin or that their demand for Bitcoin has changed.
The US spot Bitcoin ETFs have also seen a notable increase in holdings, going from 819.02K on May 2 to 875.5K on June 6. This indicates that investors are becoming more confident in Bitcoin's long-term potential.
The BTC Social Volume statistics provided by Santiment sheds light on the amount of talk and mentions of Bitcoin across various online groups, forums, and social media sites. It monitors the number of interactions with Bitcoin during a certain time frame, including posts, comments, and tweets.
For investors, the impact of Bitcoin's price surpassing $70,000 is much less compared to three months ago, on March 11, when it first reached $70,000, according to BTC's Social Volume indicator. Most people see this absence of FOMO (Fear of Missing Out) as a good thing, as it suggests that market participants are acting in a more sustainable and reasonable manner, which in turn lowers the likelihood of speculative bubbles and price collapses. As a result, Bitcoin's next breakthrough might be less characterized by mass elation than prior market peaks.
Bitcoin bulls seem to be holding their own, as seen by rising whale purchasing power, rising US spot Bitcoin ETFs, and falling Social Volume. This suggests that the pricer can be supported by the bull market and will likely reach the all-time high recorded in March.