Bitcoin for $80,000? BTC whales buying frenzy at $1 billion per day

Fri June 7, 2024 ▪
min reading ▪ acc
Micaiah A.

Bitcoin whales, those big investors hungry for cryptocurrencies, can never seem to get enough. With daily purchases approaching a billion dollars, they risk leaving only crumbs for individual investors. With the price of Bitcoin hitting record highs, a whale hoarding frenzy could rock the crypto market.

Whale, bitcoin coins, spider webs

Frantic Hoarding of Bitcoin Whales

Permanent Bitcoin Holders, or HODLing Fans, Joined 70,000 BTC to their wallets for the last month. This the phenomenon of massive accumulationpowered by whales, demonstrates renewed confidence in Bitcoin, CoinGape clarifies.

These crypto giants buy daily Billion Dollars worth of BTCfeeding an unprecedented demand. This shopping frenzy not only increases sales, but also works upward pressure on priceswhich propels Bitcoin to all-time highs.

With the price of Bitcoin currently above $71,000, the trend looks set to continue.

Big investors are stepping up their efforts

The cryptocurrency market is on the rise, fueled significant daily flows of new large investors. CryptoQuant announced a significant improvement in demandwhich is a sign of sustained price recovery.

Growth in the balances of long-term holders and large investors is accelerating, it appears increased confidence in bitcoin’s future performance.

Bitcoin hodling chart
Chart of Hodler Perpetual Demand and BTC Whale Holdings – Source: CryptoQuant

Spot ETFs, especially those from BlackRock and Grayscale, also participate in this dynamic. L’increasing bitcoin purchases by these funds further boosted demand, contributing to the stability and upside potential of the crypto market.

BTC stability and upside potential

The CryptoQuant report highlights this merchant sales decreasedcreates valuable stability for the market. When the unrealized earnings ratio has returned to 0%, this indicates a break-even point where selling pressure is reduced.

Whales continue to show a voracious appetite for buying, hitting all-time highs over the past two months. Continued capital flows into spot bitcoin ETFs have also played a vital role. As of June 6, total net inflows into U.S. bitcoin spot ETFs totaled $218 million, underscoring continued and growing interest in the cryptocurrency.

All in all, the insatiable appetite of Bitcoin whales is shaping and driving the market, leaving little room for small investors.

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Mikaia A. avatar

Micaiah A.

The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it


The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.

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