Bitcoin accumulation by large holders has surged to levels not seen since before the 2020 bull market. Could this fuel Bitcoin’s price to break above the $70,000 threshold?
The accumulation of Bitcoin by whales, entities holding at least 1,000 BTC, has soared to levels last witnessed in 2020, as per a Bitfinex research report shared with Cointelegraph. According to the Bitfinex analysts, factors such as an anticipated interest rate cut and increased institutional buying could drive further upward momentum for Bitcoin.
On June 10, spot Bitcoin exchange-traded funds (ETFs) in the United States experienced their first day of net outflows in over 19 consecutive trading days, with $64.9 million worth of outflows across 10 U.S. ETFs, as reported by Farside Investors. The following day, U.S. Bitcoin ETFs saw over $200 million in negative net outflows.
Bitcoin has established $66,000 as a solid support level on the weekly chart, as confirmed by popular crypto analyst Rekt Capital. Meanwhile, the short-term holder realized price of Bitcoin climbed to $63,729 on June 11, a key dynamic support line during bull cycles.
Despite the rising realized price, Bitcoin’s value has remained stagnant, primarily due to the distribution of older coins, as noted by Thomas Fahrer, co-founder of Apollo. It is important to note that this article does not offer investment advice, and readers are urged to conduct their own research before making any financial decisions.