Bitcoin whales, these large investors hungry for cryptocurrency, never seem to get enough. With daily purchases approaching a billion dollars, they risk leaving only crumbs for individual investors. As the price of bitcoin reaches record highs, the whales' accumulation frenzy could well shake up the crypto market.
Frenzied accumulation of bitcoin whales
Permanent bitcoin holders, or HODLing fans, added 70,000 BTC to their wallets over the last month. This massive accumulation phenomenondriven by whales, demonstrates renewed confidence in bitcoin, specifies CoinGap.
These crypto giants are buying daily for a billion dollars worth of BTCfeeding an unprecedented demand. This purchasing frenzy does not just inflate the sales, it also exerts upward pressure on pricespropelling bitcoin to all-time highs.
With the price of bitcoin currently above $71,000, the trend seems set to continue.
Big investors are stepping up their efforts
The cryptocurrency market is booming, driven by substantial daily flows of new large investors. CryptoQuant reported a significant improvement in demanda sign of a lasting recovery in prices.
The growth in balances of long-term holders and large investors is accelerating, showing increased confidence in the future performance of bitcoin.
Spot ETFs, notably those from BlackRock and Grayscale, are also participating in this dynamic. L'increase in bitcoin purchases by these funds further strengthened demand, contributing to the stability and upside potential of the crypto market.
Stability and upside potential of BTC
The CryptoQuant report highlights that sell-offs by traders have diminished, creating valuable stability for the market. With the unrealized profits ratio having returned to 0%, this indicates an equilibrium point where selling pressure is reduced.
Whales continue to display a voracious buying appetite, reaching an all-time high over the past two months. Continued capital flows into spot Bitcoin ETFs have also played a crucial role. As of June 6, the total net inflow into U.S. bitcoin spot ETFs was $218 million, highlighting the persistent and growing interest in the cryptocurrency.
All in all, the insatiable appetite of bitcoin whales shapes and drives the market, leaving little room for small investors.
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