As per the reports, whale activity has played a significant role in driving the jump in Bitcoin demand from 40K to above 213K BTC.
https://blockchainreporter.net/liquidity-crises-on-the-cards-as-bitcoin-demand-skyrockets-says-cryptoquant/
https://blockchainreporter.net/liquidity-crises-on-the-cards-as-bitcoin-demand-skyrockets-says-cryptoquant/