Bitcoin accumulation by large holders has surged to levels not witnessed since before the 2020 bull market. This surge in accumulation by whales, defined as entities holding at least 1,000 BTC, has reached a nearly four-year high, as reported by Bitfinex and shared with Cointelegraph.
Factors such as an expected interest rate cut and an increase in institutional buying are expected to drive further upward momentum for Bitcoin, according to Bitfinex analysts. On June 10, spot Bitcoin exchange-traded funds in the United States experienced their first day of net outflows in over 19 consecutive trading days, with $64.9 million worth of outflows recorded across 10 U.S. ETFs, according to Farside Investors. The following day, U.S. Bitcoin ETFs saw over $200 million in negative net outflows.
Bitcoin has established $66,000 as a new support level on the weekly chart, as confirmed by popular crypto analyst Rekt Capital. Despite this, the short-term holder realized price for Bitcoin rose to $63,729 on June 11, a trend commonly associated with bull cycles. However, the distribution of older coins has hindered Bitcoin’s price movement, as noted by Thomas Fahrer, co-founder of Apollo.
It’s important to note that this article does not provide investment advice or recommendations. Every investment and trading decision carries risks, so readers are advised to conduct their own research before making any decisions.