As a researcher with a background in cryptocurrency markets, I find the recent surge in large-scale Bitcoin investments truly intriguing. Based on the WuBlockchain report and CryptoQuant’s findings, it appears that approximately $1 billion worth of Bitcoin is being added daily to massive new whale wallets. This trend can be attributed mainly to institutional investors moving their Bitcoin holdings into custodial care.
As an analyst, I’d interpret the WuBlockchain report based on CryptoQuant’s findings as follows: Approximately $1 billion in Bitcoin is being transferred daily into a large wallet, as revealed in the report. This significant influx is most likely attributable to institutional investors purchasing Bitcoin and transferring it to custodial wallets. Over the past month, long-term holders have accumulated around 70,000 BTC, while the demand from whales has increased at a monthly rate of 4.4%.
A prolonged increase in Bitcoin’s price is predicted based on the enhancing circumstances fueling its growing demand. Several factors are driving this resurgence in demand:
As a crypto investor, I’ve noticed an accelerated growth in the total holdings of large investors and permanent holders in the Bitcoin market. This increase suggests that the confidence and commitment among long-term Bitcoin investors are strengthening.
Each day, a noteworthy sum of $1 billion is being invested by new Bitcoin backers, showcasing the growing interest and confidence of major market players towards Bitcoin.
As an analyst, I have observed a significant surge in Bitcoin acquisitions through spot Exchange-Traded Funds (ETFs) based in the USA. The heightened interest in Bitcoin stems from the approval of these funds and the subsequent increased activity within them. This new investment avenue has made it easier for investors to access Bitcoin, thereby fueling greater demand.
As a researcher studying market trends, I’ve noticed that traders have been aggressively selling in the market, leading to significant exhaustion. However, an important indicator, unrealized profit ratio, has recently reset to 0%. This could suggest that selling pressure may be diminishing, potentially marking the beginning of a new phase where buyers start accumulating assets.
Starting on May 20, there has been a significant rise in the demand for Ethereum. This increase can be attributed to the approval of spot Ethereum ETFs in the United States. As a result, both long-term Ethereum investors and major players have upped their Ethereum purchases, suggesting a growing belief in Ethereum’s potential, similar to Bitcoin.
Despite positive signs for Bitcoin and Ethereum, the recovery of stablecoin liquidity along its growth path has not been achieved just yet.
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2024-06-07 11:32