An Unprecedented Whale Accumulates $1 Billion in Bitcoin Daily: Who Could It Be?
A jaw-dropping phenomenon has emerged in the world of cryptocurrency as a mysterious entity is steadily accumulating an astonishing $1 billion worth of Bitcoin every single day. Analyses by the renowned WuBlockchain report, based on research conducted by CryptoQuant, have shed light on this unprecedented trend. It appears that institutional investors are behind this surge, as they acquire large amounts of Bitcoin and channel it into custodial wallets.
Intriguingly, long-term holders of Bitcoin have managed to amass a staggering 70,000 BTC over the span of just 30 days. This feat, combined with the exponential growth in whale demand at a rate of 4.4% per month, suggests that the stage is set for a sustained price rally in the Bitcoin market.
The reasons underlying this surge in demand are multifaceted. Firstly, there has been a notable spike in the combined balances of large investors and permanent holders, indicating an increase in their conviction and interest in Bitcoin. Furthermore, the influx of $1 billion in daily investments showcases how prominent market participants are becoming increasingly infatuated with and confident about Bitcoin’s potential.
The recent approval of spot Bitcoin ETFs in the United States has also played a pivotal role in fueling the demand for Bitcoin. This new investment channel has made it more convenient for investors to gain exposure to Bitcoin, consequently driving up demand. Similarly, Ethereum has experienced a surge in demand since the approval of spot ETH ETFs on May 20. Long-term holders and major investors of Ethereum have amplified their purchases, highlighting a growing confidence in both Bitcoin and Ethereum within the market.
Moreover, it appears that market participants who were previously exerting selling pressure have finally exhausted themselves. The reset of the unrealized profit ratio to 0% suggests diminished selling pressure, indicating the initiation of a new phase of accumulation.
While encouraging indications are present for both Bitcoin and Ethereum, the growth trajectory of stablecoin liquidity is yet to fully rebound. Nonetheless, the prevailing conditions in the cryptocurrency market suggest that a remarkable upheaval is on the horizon, driven by the relentless accumulation of Bitcoin by an enigmatic and colossal whale. As the financial world braces itself for this imminent tidal wave, the question remains: who is behind this extraordinary Bitcoin acquisition?