According to a report by WuBlockchain, based on CryptoQuant research, about $1 billion in Bitcoin is added every day in a huge new whale wallet. This increase is likely the result of institutional investors buying Bitcoin and transferring it to wallets under their management. Long-term holders have accumulated 70,000 BTC in the past 30 days, and whale demand is growing at a rate of 4.4% per month.
A sustained rally for Bitcoin is predicted based on improving conditions for its demand growth. Many reasons contribute to this recovery including:
Growth of large investors and long-term holders: Traders are witnessing a rapid increase in the combined balance of large investors and long-term holders. Long-term holders' confidence in Bitcoin is likely growing.
$1B Daily Inflows: Every day, significant new Bitcoin investors are pouring in $1B. This significant investment shows that key market sectors are increasingly interested in and confident in Bitcoin.
Increase in Bitcoin Buying from Spot ETFs in the US: Demand for Bitcoin has increased due to the approval of Bitcoin spot ETFs in the US and increased activity. This new investment channel increases demand by providing investors with a more convenient way to access Bitcoin.
Additionally, traders were exhausted in the market through heavy selling. The unrealized profit ratio reset to 0% suggesting there may be less selling pressure now, signaling the start of a new accumulation phase.
Plus, since May 23, when spot Ethereum ETFs were approved in the US, Ethereum has experienced a surge in demand. Long-term Ethereum holders and large investors have both increased their purchases of ETH, showing a similar trend of growing trust in Ethereum alongside Bitcoin.
The growth trajectory of stablecoin liquidity has not recovered, although there are encouraging signs for both Bitcoin and Ethereum.
Bitcoin's open interest reaches a record high
According to CoinGlass data, Bitcoin's open interest has reached a new record high of $37.66 billion.
Open interest refers to the total dollar amount of outstanding Bitcoin futures or options contracts.
Options traders are looking at a new record high
According to a recent Bloomberg report, options with a value of $75,000 have accumulated the most open interest as traders anticipate a strong rally.
Options with a value of $100,000 also rank high in open interest. This shows strong bullish sentiment among Bitcoin traders.
The world's largest cryptocurrency is currently trading at $71,200 after peaking at $71,756 earlier this year.
As reported by Bitcoin Magazine, Mike Novogratz has repeatedly predicted that the leading cryptocurrency could surpass $100,000. However, speculators must surpass $73,000 for this to happen.
The organization is just getting started
Meanwhile, Bitcoin exchange-traded funds recorded their 18th consecutive day of inflows. On Thursday, these products received $215 million in new money.
Even though BlackRock's IBIT booked $800 million in inflows just last week, prominent ETF analyst Nate Geraci believes that institutional investors are just getting started:
“Not a price opinion, but I believe that advisors and institutional investors are just starting to appear,” Geraci said on social network X.
Source: https://tapchibitcoin.io/ca-voi-bitcoin-don't-lo-them-1-ty-btc-new-day-during-return-suat-mo-dat-muc-cao-ky- luc-new.html
