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🚀 Crypto Demand Growth for Bitcoin Surges: What Does This Mean?

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Analysts at market intelligence platform CryptoQuant have identified a surge in demand for bitcoin (BTC) from large investors and permanent holders. While this could mean many things for the crypto industry, it is deemed a positive sign per the laws of demand and supply.

In the latest CryptoQuant weekly report, market experts said that accelerating BTC demand growth is necessary for a sustainable price rally. Hence, BTC may soon witness a substantial increase in prices.

Bitcoin Demand Growth Accelerates​


CryptoQuant found that selling pressure from BTC traders has declined as they are done with taking profits. Currently, unrealized profit margins are hovering around 3%, compared to 69% in early March, and analysts expect much lower selling pressure from traders for now.

While selling pressure stays low, demand is on the rise. The acceleration in the demand for BTC is evident in the recovery of inflows into the United States spot Bitcoin exchange-traded fund (ETF) market.

These investment vehicles have been on a 19-day inflow streak since mid-May, and recently, they have recorded hundreds of millions of dollars in inflows. CryptoQuant said the total holdings of the ETFs have grown from 819,000 on May 1st to more than 859,000.

Bitcoin whales are not left out of the demand wave, as they have added over $1 billion to the network. This cohort of investors is experiencing a monthly demand growth rate of 4.4%, their fastest since mid-April.

The current activity of Bitcoin whales is similar to their on-chain movement in 2020 before BTC surged from $10,000 to $70,000. At the time, BTC hovered around $10,000 for six months with high on-chain activity, later identified as over-the-counter deals.

No Rally Underpinned Yet​


Furthermore, permanent BTC holders have amassed over 70,000 in the last 30 days, recording their largest increase since late April. The uptick in demand from these market participants often correlates with higher prices.

Interestingly, demand for ether (ETH) is experiencing the same level of growth as BTC, especially since the U.S. Securities and Exchange Commission approved the launch of spot Ethereum ETFs. The daily purchases of permanent holders and the growth in total holdings of ETH investors have increased significantly.

However, CryptoQuant analysts could not underpin a price rally for either BTC or ETH because stablecoin liquidity has yet to recover its growth trajectory. A surge in stablecoin liquidity usually accompanies market rallies.

The post Demand Growth for Bitcoin Surges: What Does This Mean? appeared first on CryptoPotato.
 

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