A recent report has unveiled that Bitcoin whales and long-term holders are actively acquiring over $1 billion worth of BTC daily, following a significant increase in demand after a sharp decline in mid-May.
The report indicates that this group of investors is unlikely to sell off their holdings in the market again, as their unrealized profit ratio has reset to 0%.
Bitcoin whales and long-term holders have emerged and are investing an average of a billion dollars daily, as Bitcoin approached $72,000 in recent trading sessions.
Currently, BTC is trading at $71,220, showing a slight increase over the past day with a 15% rise in trading volume. The leading cryptocurrency experienced an intraday low of $70,300 before bouncing back and reaching a monthly peak of $71,875. Although it has lost some momentum and dropped by 1% in the last hour, Bitcoin remains 3.6% higher on the weekly chart and 11.6% higher on the monthly chart.
According to data from Crypto Quant, BTC whales are playing a significant role in the recent surge of the cryptocurrency. As Bitcoin surged to a new high in mid-March, demand from long-term holders and total whale holdings reached new highs. However, following Bitcoin’s all-time high, many whales sold off their holdings and took profits, leading to a decline in the trend.
Crypto Quant’s data shows that the trend stabilized in early May and has been gradually increasing since then. Over the past month, long-term holders have accumulated more than 70,000 BTC.
One of the main methods for whales to accumulate BTC has been through Bitcoin ETFs. Recent reports have shown that ETF inflows reached $880 million, the second-highest single-day record ever, followed by an additional $400 million the next day.
With strong support from wealthy investors, Bitcoin is poised to retest its all-time high soon. The risk of whales dumping their holdings and suppressing the price is currently low, as most have already sold off their tokens and realized their profits.
According to financial expert Robert Kiyosaki, Bitcoin could potentially surge fivefold by August and even reach $350,000 by 2024. The outlook for Bitcoin remains positive, with deep-pocketed investors continuing to drive demand for the cryptocurrency.
