Cryptocurrency whales started actively buying BTC
07.06.2024
According to CryptoQuant's weekly report, large investors-whales are buying BTC at a very fast pace. The analysts' data shows daily infusions of $1 billion into BTC and a significant increase in whale holdings. The situation was similar in 2020 before the rapid growth of digital gold.Experts have also noticed an increase in the number of Bitcoin ETF purchases in the United States. These assets track the price of the first cryptocurrency but are traded on traditional stock exchanges. Currently, the total spot holdings of bitcoin ETFs in the United States have reached record levels. This indicates an increase in institutional investment.According to analysts, Ethereum has begun to show positive performance due to the recent approval of spot ETFs in the United States. Purchases of ETH increased to 40,000 ETH per day.Statistics show that whales now own a record amount of ETH — 16 million. This is an indicator that traders see the value of this cryptocurrency and are actively accumulating it.Although the prospects for positive growth for BTC and ETH are considered real, experts warn that the market capitalization of Tether's USDT stablecoin has significantly decreased.Stablecoins are digital assets that are based on the exchange rate of fiat currencies. For example, the US dollar. Such assets are used to facilitate trade. Experts believe that the lack of liquidity of stablecoins can be an obstacle to the growth of the BTC price.However, investors should be aware of the possible difficulties in the form of a decrease in USDT growth and conduct their due diligence before making an investment decision.