bitcoindemand

While most see Bitcoin trading rangebound between $77,000 and $74,000, a "value investor" whale group is secretly accumulating large amounts of discounted BTC, quietly driving up demand behind the scenes.

THE SIGNAL: According to on-chain data, this group has been quietly purchasing $1.2 billion worth of BTC since the May 23rd dip, averaging a price of $73,500. (#BitcoinWhaleTracker #BitcoinDemand)

THE INTERPRETATION: This surge in demand suggests that the bulls may be getting a boost from this accumulation, which could be a sign that this "value investor" whale group is about to turn their large pile of discounted BTC into a major catalyst for the next leg up.

THE WATCH LIST: As this whale group continues to increase their BTC position, keep a close eye on the total Bitcoin accumulation rate (#BitcoinAccumulationRate) over the next few weeks to gauge whether their buying activity is indeed driving the next bull run.

Will this value investor whale group's aggressive accumulation finally propel Bitcoin out of its trading range and towards new highs?

The Apparent Demand metric from CryptoQuant for Bitcoin has plummeted to an annual low of -147,000 BTC, marking a total depletion of spot demand amidst the gap between new issuance and the inactivity of long-term holders. For now, the market is propped up solely by derivatives, while retail investors are sitting on the sidelines; the lack of liquidity on the spot market denies BTC any fundamental fuel for growth.

In the short term — we're gearing up for a gloomy sideways action or a local shakeout of longs, but historically, such intense pessimism from major players signals the formation of a long-term interest zone and the proximity of a bottom

#BTC #CryptoQuant #Bitcoin #MarketUpdate #BitcoinDemand