According to the WuBlockchain report based on CryptoQuant’s research, approximately $1 billion worth of Bitcoin is being added daily to a large new whale wallet, likely due to institutional investors acquiring Bitcoin and transferring it to custodial wallets. Over the last month, long-term holders have accumulated 70,000 BTC, with whale demand increasing by 4.4% monthly.
This surge in demand suggests a potential sustained rally for Bitcoin, supported by several factors:
- Growth in large investors and long-term holders, indicating increasing conviction among Bitcoin holders.
- Daily inflows of $1 billion, showcasing growing interest and confidence from prominent market participants.
- Increased demand from the approval of spot Bitcoin ETFs in the USA, providing investors with a more convenient way to access Bitcoin.
- A decrease in selling pressure, as indicated by the reset of the unrealized profit ratio to 0%, potentially signaling a shift towards accumulation.
Similarly, Ethereum has experienced a surge in demand since the approval of spot ETH ETFs in the USA on May 20. Long-term holders and major investors have increased their ETH purchases, reflecting growing confidence in Ethereum alongside Bitcoin.
Despite these positive signs, the growth trajectory of stablecoin liquidity for both Bitcoin and Ethereum has yet to be restored fully.
