- Large investors buying Bitcoin at pre-bull run pace.
- Spot ETFs drive record Bitcoin holdings in the U.S.
- Ethereum demand rises, whales hold record amounts.
According to a CryptoQuant weekly report, large investors, known as “whales,” are accumulating Bitcoin at a pace similar to that seen before the 2020 bull run. The firm’s data reveals daily injections of $1 billion into Bitcoin and a significant increase in holdings by these whales. This mirrors similar activity observed in mid-2020.
However, Stablecoin Liquidity needs to recover to support a sustained price rally. Tether's USDT growth has decelerated, growing at the slowest pace since February 11th. pic.twitter.com/36sfXQEuqv— CryptoQuant.com (@cryptoquant_com) June 6, 2024
Source: Cryptoquant
CryptoQuant also highlights a surge in Bitcoin purchases from spot Exchange-Traded Funds (ETFs) in the United States. These ETFs track the price of Bitcoin but trade on traditional stock exchanges. The chart shared by CryptoQuant shows that total spot ETF Bitcoin holdings in the U.S. have reached record highs, indicating growing institutional investment.
Source: Cryptoquant
Ethereum is also exhibit…
The post Crypto Whales Are Buying Up Bitcoin Like It’s 2020 Again appeared first on Coin Edition.