- Whales have accumulated large amounts of BTC in the past few days.
- Interest from retail investors was strong, and open interest surged.
Whales have accumulated large amounts of Bitcoin [BTC] Data suggests that buying by large investors in Bitcoin has surged again over the past few weeks, hitting a two-month high.
Their bitcoin holdings are also hitting an all-time high. This new buying spree suggests that big investors are finding the current, already sky-high prices an attractive entry point to accumulate bitcoin.
While past performance is not necessarily indicative of future results, the historical influence of whales on the market suggests that their buying activity could be a bullish indicator for Bitcoin.
Source: CryptoQuant
Retail investors also showed interest in BTC: AMBCrypto’s analysis of Santiment data revealed that cohorts of 0.1 to 10 addresses showed interest in BTC.
Source: Santiment
Interest in BTC ETFs is also on the rise
Despite growing interest in Bitcoin ETFs and inflows into a U.S.-based spot Bitcoin ETF hitting a record 19th consecutive day, there was no movement in the price of BTC.
As of June 6, Bitcoin spot ETF holdings have reached significant levels globally, amounting to approximately 1.3 million Bitcoin, or 5.2% of the total circulating supply, with the majority of this concentrated in U.S.-listed ETFs, but the price has not responded as dramatically as expected.
Inflows reached $217.7 million on June 6 alone, according to data from Farside. Total inflows since the listing have exceeded $15.5 billion, but some traders believe this amount is still not enough to move the price significantly until other markets open.
Source: The Far Side
Open interest surges
Apart from that, BTC open interest (OI) also increased.
Historically, high OI has been characterized by excessive leverage and speculation has often preceded a price correction. However, this does not appear to be the case at the time of writing.
The funding rate, which reflects how willing long and short positions are to pay each other, remained slightly positive but down significantly from the highs recorded in March.
Read Bitcoin [BTC] Price Forecast 2024-25
This shows that the bulls’ long positions are in the ascendancy and that the bulls are willing to pay the bears to maintain their short positions. However, the market is not as hot as it was in March.
At the time of writing, BTC is $71,138.10 And it increased by 1.09% in the last 24 hours.
Source: Coinglass
