🚨Bitcoin (BTC) Attracts $100 Billion from New Mega Whales in 2024🚨

Julio Moreno, head of research at CryptoQuant, recently announced in a post on X that new Bitcoin whales have injected around $100 billion into the market this year. This influx of funds from high-net-worth individuals and institutional investors signifies a major shift in the cryptocurrency landscape, underscoring growing confidence in Bitcoin’s long-term viability.

According to the latest data, Bitcoin’s price has been down 0.25% over the past 24 hours, trading at $67,734. Over the past week, Bitcoin has remained in a tight trading range of around $68,000 but dipped to approximately $66,584 on Friday.

These new whales, who typically hold significant amounts of BTC, have collectively introduced approximately $100 billion into the Bitcoin market since the start of 2024. This massive inflow reflects a broader accumulation trend, with about $1 billion being added daily to these large wallets.

CryptoQuant’s founder, Ki Young Ju, highlighted on May 31 that current market activities resemble those seen in mid-2020. Back then, a similar wave of whale accumulation preceded a bull run that pushed Bitcoin's price to $69,000 in 2021. The ongoing high on-chain activity and daily $1 billion additions to new whale wallets suggest a potential repetition of history.

The implications of this trend are significant. It points to increased market interest and a potentially bullish outlook among investors. Despite recent low price volatility, the substantial movements by these whales could be setting the stage for another rally. Analysts are closely monitoring Bitcoin’s price resistance around $72,000, with expectations that breaking this level could lead to new all-time highs, possibly reaching $75,000. $BTC

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