Bitcoin continues to perform impressively in 2024, with weekly inflows significantly exceeding historical levels. The dynamics of the Bitcoin market are changing; over-the-counter (OTC) markets are ahead of centralized exchanges.
Experts, especially analysts like Peter Brandt, offer valuable insights into current market trends and future projections. In 2024, Bitcoin recorded unprecedented weekly inflows, reaching up to $100 thousand per week. This is a marked increase from the 70,000 BTC annual inflows in the 2021 bull market. This increase is due to a combination of factors such as the proliferation of institutional investments and strategic purchases by whale wallets during market corrections.
The shift to over-the-counter (OTC) markets has become a defining trend in 2024. These markets now handle a significant amount of Bitcoin transactions, as evidenced by the fact that whale wallets have accumulated 1.45 million BTC this year. This trend shows that large-scale investors are turning to private, over-the-counter transactions to avoid price fluctuations and risks associated with centralized exchanges.
Experienced analyst Peter Brandt stated that the lower and upper levels of Bitcoin prices continue to fall. Despite positive developments such as the upcoming halving and ETF approvals, the market remains cautious. Brandt's analysis suggests that the current rally, although strong, is part of broader price corrections and possible reversals, so investors should manage the situation carefully.
Institutional investors play an important role in increasing Bitcoin inflows. According to CryptoQuant CEO Ki Young Ju, current dynamics include elements such as custodial wallets and spot Bitcoin ETFs, as well as the strategic accumulation of whale wallets. This accumulation currently stands at 1.8 million BTC and is exhibiting a strong uptrend that could herald a potential bull run.
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I EXPLAIN IN DETAIL.
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