Highlights
As the Bitcoin (BTC) price holds above $71,000, the appetite for long-term holders seems to be growing once again. It seems that the BTC whales have once again returned to massive accumulation while buying in large quantities over the past month.
CryptoQuant has reported a significant improvement in Bitcoin demand growth, which is a crucial condition for a sustainable price rally. Several factors contribute to this positive trend:
Additionally, the report highlights that heavy selling by traders has subsided. This is evidenced by the unrealized profit ratio resetting to 0%, signaling that the market may have reached a point of equilibrium, with reduced selling pressure contributing to the current stability and potential for upward movement in BTC prices.
CryptoQuant has observed a significant resurgence in the buying appetite of Bitcoin whales, reaching its highest level in the past two months. Permanent holders have amassed 70,000 BTC over the past 30 days, with whale demand for Bitcoin increasing at a monthly rate of 4.4%.
On the other hand, the spot Bitcoin ETFs witnessed 18 consecutive days of inflows. On Thursday, June 6, the total net inflow of U.S. Bitcoin spot ETFs amounted to $218 million. Grayscale’s ETF, GBTC, experienced a single-day outflow of $37.574 million, while BlackRock’s ETF, IBIT, saw a single-day inflow of $350 million. The cumulative historical net inflow for IBIT has now reached $17.431 billion.
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