Bitcoin has entered bullish mode in recent days. While the price is hovering above $71,000, investor interest in BTC is also increasing.
At this point, while long-term investors are entering the accumulation mode again after profit sales after the ATH in March, according to the data, BTC whales purchased large amounts last month.
CryptoQuant noted a significant increase in Bitcoin demand growth, which is a crucial condition for a sustainable price rise.
Accordingly, CryptoQuant said three situations are contributing to Bitcoin demand growth:
“1- There has been a huge increase in the total BTC balances of long-term Bitcoin investors and large investors such as whales recently,
2) New big Bitcoin whales buying $1 billion per day,
3) Increased inflows into spot Bitcoin ETFs in the US indicate increased demand for Bitcoin.
At this point, demand for Bitcoin from large investors (whales) and long-term holders has begun to accelerate again after slowing down since March.
On the one hand, long-term Bitcoin holders have accumulated 70 thousand Bitcoins in the last 30 days. This was the biggest increase since late April.
On the other hand, Bitcoin demand from whales is currently growing at a monthly rate of 4.4%; This is the fastest increase since April 20.
“Accelerating demand from long-term Bitcoin holders and whales will contribute positively to the Bitcoin price.”
CryptoQunat analysts point out that investors' intense sales after the ATH in March have decreased, and “the unrealized profit rate of investors has reached 0%. This signals that the market may have reached an equilibrium point. The decreasing sales pressure in Bitcoin contributes to the potential for an upward movement in BTC prices.” said.
CryptoQuant analysts recently stated that interest in Ethereum has increased besides Bitcoin.
Accordingly, analysts stated that the demand for Ethereum has increased since May 20, with the approval of spot ETH ETFs in the USA, and added that “the daily ETH purchase of long-term Ethereum investors became 40 thousand ETH on average after May 20, while the ETF “The average daily purchases before the approval announcement was 5 thousand ETH. Likewise, the growth in the total assets of large ETH investors also accelerated,” he said.
*This is not investment advice.