$1 Billion Daily Growth in Bitcoin Provided Hope: But Not Enough for a Rally

Demand from large investors could push the Bitcoin (BTC) price to new records.

According to the report of Blockchain analysis firm CryptoQuant, long-term and large-scale investors are rapidly increasing their Bitcoin investments.

1 billion dollars a day

According to CryptoQuant data, new whales withdraw a total of $1 billion worth of Bitcoin to their wallets daily.

"The demand for Bitcoin from large and permanent investors is gaining momentum again after slowing down in March." Permanent investors have accumulated 70 thousand Bitcoins in the last 30 days.

Demand from large-scale investors accelerates by 4.4% for the first time after April 20. “The acceleration of demand from these [investor] groups is highly correlated with price,” analysts said.

Sales quantity is decreasing

According to CryptoQuant data, while demand is growing, sales transactions in the market are decreasing.

Analysts said, “As can be seen from the reset of the unrealized profit rate at 0%, the heavy selling transactions made by traders are losing strength.”

However, it was emphasized that the liquidity of stablecoins in the market must grow in order for the Bitcoin price to start rallying. Stablecoin supply is assumed to reflect the amount of new capital entering the market.

According to CryptoQuant data, the market value of Tether (USDT) has been growing at a slower pace than ever since February 11.