Bitcoin

Strong

April

Time

Daily

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin whales’ buying appetite is back, according to CryptoQuant.</li> 
 <li>This is an indication of accumulation opportunities at current prices.</li> 
</ul> 
<p>According to a new report from <a href="https://x.com/cryptoquant_com/status/1798874955909943427" rel="nofollow" target="_blank">CryptoQuant</a>, an on-chain and market analytics tool, Bitcoin whales are back with a strong buying appetite.</p> 
<p>The team at CryptoQuant revealed that the whales’ recently renowned Bitcoin buying spree is a sign that this is a good time for accumulation at current Bitcoin prices.</p> 
<p>At the moment of writing this article, BTC is trading above the important level of $71,000.</p> 
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<p>On June 6, the ECB<a href="https://crypto.ro/en/news/bitcoin-surges-with-stocks-following-ecb-rate-cut-and-us-unemployment-reports/"> announced</a> a reduction in interest rates, a move that was anticipated by many. Following this announcement, global equity indices and Bitcoin experienced a surge in price. This was further supported by U.S. jobless claims exceeding expectations.</p> 
<h2 id="bitcoin-demand-growth-conditions-continue-to-improve">Bitcoin demand growth conditions continue to improve</h2> 
<p>Accoridng to the CryptoQuant report, the Bitcoin demanding growth conditions have continued to improve. This is a necessary element for a sustainable price rally.</p> 
<p>They noted that this demand recovery for Bitcoin is taking place amidst important events:</p> 
<ul> 
 <li>Traders faster growth in the total balances of permanent holders and large investors</li> 
 <li>$1 billion daily inflows of new large BTC investors</li> 
 <li>An increase in the purchase of Bitcoin from spot ETFs in the US</li> 
</ul> 
<p>According to the<a href="https://cryptoquant.com/community/dashboard/6661a19dd376670a9fe25ab9?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=dashboard&amp;utm_content=weekly-crypto-report" rel="nofollow noopener" target="_blank"> report</a>, heavy selling by traders has been exhausted and this has been signaled by their unrealized profit ratio resetting to 0%.</p> 
<p><a href="https://cryptoquant.com/insights/quicktake/6661f35ad376670a9fe2a43b-Bitcoin-The-whales-appetite-for-buying-has-returned-strongly?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=abramchart" rel="nofollow noopener" target="_blank"><img decoding="async" class="alignnone" src="https://img.cryptoquant.com/256099/quicktake/Pu9fV_4b3b1d36b1b88fedf23013cb9de6a1023f3562ca0b396f4a3ced419b29f663cd.png" alt="Pu9fV 4b3b1d36b1b88fedf23013cb9de6a1023f3562ca0b396f4a3ced419b29f663cd" width="1280" height="720" title="Bitcoin Whales' Strong Appetite For Buying Is Back With $1B Daily Inflows 9"></a></p> 
<p>The report continues and details that the demand from large BTC holders or whales has started to accelerate again after being is a slowdown since March.</p> 
<p>According to the data, permanent BTC holders have accumulated 70k BTC in the past 30 days, and this marked the largest increase since late April.</p> 
<p><a href="https://crypto.ro/en/wp-content/uploads/2024/06/11.png"><img loading="lazy" decoding="async" class="alignnone wp-image-44346 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/06/11.png" alt="11" width="1152" height="648" title="Bitcoin Whales' Strong Appetite For Buying Is Back With $1B Daily Inflows 10" srcset="https://crypto.ro/en/wp-content/uploads/2024/06/11.png 1152w, https://crypto.ro/en/wp-content/uploads/2024/06/11-300x169.png 300w, https://crypto.ro/en/wp-content/uploads/2024/06/11-1024x576.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/06/11-768x432.png 768w, https://crypto.ro/en/wp-content/uploads/2024/06/11-750x422.png 750w, https://crypto.ro/en/wp-content/uploads/2024/06/11-1140x641.png 1140w" sizes="(max-width: 1152px) 100vw, 1152px"></a></p> 
<p>Also, Bitcoin demand from large investors is growing at a monthly rate of 4.4%, the fastest pace since April 20. According to the report, accelerating demand from these cohorts of Bitcoin holders is highly correlated with the coin’s price.</p> 
<p>Bitcoin continues to remain surrounded by <a href="https://crypto.ro/en/news/robert-kiyosakis-350k-bitcoin-prediction-for-2024-explained-by-willy-woo/">optimistic price predicitons</a> ahead of the weekend, with analysts debating the probability of BTC hitting even $350,000 by August.</p>

Bitcoin Whales’ Strong Appetite For Buying Is Back With $1B Daily Inflows

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