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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-requires-increased-demand-for-new-record-levels/" data-wpel-link="internal">Bitcoin Requires Increased Demand for New Record Levels</a> 
<a href="https://en.coin-turk.com/analysts-point-to-critical-threshold-for-bitcoin-48500/" data-wpel-link="internal">Bitcoin</a> needs more demand to reach a new record level, and whale accumulation continues to slow down. In its latest weekly report, onchain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform CryptoQuant states that most demand metrics are currently showing weakness. Bitcoin is not attracting investments strong enough to push it to all-time highs. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-bitcoin-front">What Is Happening on the Bitcoin Front?</h2> 
CryptoQuant data shows that larger Bitcoin <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> equivalent to whales have reduced their token accumulation rates since the last all-time high in March. The report includes the following statements on the subject: 
<blockquote> 
 “The 30-day percentage change in whale holdings has dropped from 6% in February to just 1% now. Historically, a monthly growth rate of more than 3% in whale holdings has been associated with rising Bitcoin prices, but that is not the case currently.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-381601 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/cryptoquant-1.webp" alt="" width="1496" height="790"> 
If whales are not providing the firepower needed for a Bitcoin price surge, US spot Bitcoin exchange-traded funds are currently an unreliable alternative. Daily net inflows into spot ETF products make up only a fraction of their March numbers, with last week’s daily average recorded at 1,300 Bitcoin: 
<blockquote> 
 “A recovery in spot ETF purchases is essential to boost overall Bitcoin demand and potentially lead to a corresponding price rally.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-381600 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-veri-1.webp" alt="" width="1496" height="772"> 
An exception to the summer lull facing the market comes in the form of persistent holders who only buy Bitcoin and never sell. Unlike whales, this group has had no hesitation in increasing their Bitcoin holdings: 
<blockquote> 
 “Despite the slower growth in overall Bitcoin demand, persistent holders have continued to accumulate Bitcoin at unprecedented levels. The total balance of these holders is growing at a record rate of 391,000 Bitcoin per month. Demand from persistent holders is increasing even faster than in the first quarter of 2024 when Bitcoin prices exceeded $70,000.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-381599 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/holder.webp" alt="" width="1496" height="772"> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
Cold feet among more speculative investors can be explained by recent price events. Reportedly, the journey to six-month lows at the beginning of August left the vast majority of recent buyers underwater. According to data from the data analysis platform BGeometrics, the cost basis of the group is still above the spot price, which is approximately $63,000. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-381598 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/sth.webp" alt="" width="1200" height="1200"> 
According to BTC/USD data from TradingView, it was trading at around $59,000 at the time of writing on August 20, reclaiming overnight gains of 2.5%. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-381597 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/grafik-3.webp" alt="" width="1617" height="849"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-requires-increased-demand-for-new-record-levels/" data-wpel-link="internal">Bitcoin Requires Increased Demand for New Record Levels</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-requires-increased-demand-for-new-record-levels/" data-wpel-link="internal">Bitcoin Requires Increased Demand for New Record Levels</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Requires Increased Demand for New Record Levels

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