Whales' Bitcoin Accumulation Mirrors Pre-2020 Bull Run Levels Among Record ETF Holdings

Large-scale investors, commonly known as “whales,” are accumulating Bitcoin at a pace reminiscent of the pre-2020 bull run, according to the latest data from CryptoQuant. According to the firm's analysis, there are $1 billion inflows into Bitcoin daily, reflecting a significant increase in the existing holdings of these influential market participants. This pattern is significantly similar to the buying activity observed in mid-2020, before Bitcoin experienced significant price increases.

Another factor that further strengthens Bitcoin's upward outlook is the increase in gains of spot Exchange Traded Funds (ETFs) in the USA. These ETFs, which track the Bitcoin price and are traded on traditional stock exchanges, have record holdings, according to CryptoQuant data. This trend marks a major increase in institutional investment and a major turning point in Bitcoin's acceptance in traditional financial markets.

Besides Bitcoin, Ethereum is also showing strong market signals. CryptoQuant reports a significant increase in Ethereum demand since May 20, likely supported by the approval of spot #Ethereum ETFs in the US. The daily acquisition rate for long-term holders, or “permanent holders,” has now increased to 40,000 #ETH

With the increase in demand, major investors are currently holding a record 16 million ETH, reflecting their confidence in Ethereum's future potential. This accumulation highlights optimistic sentiment among key market players, signaling Ethereum's perceived long-term value and its growing role in the cryptocurrency ecosystem.

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