Bitcoin ($BTC) is experiencing a rise in demand among big investors. As per the data from CryptoQuant, a significant increase has taken place in demand for Bitcoin ($BTC) among large investors, highlighting a wider bullish momentum. Bitcoin is currently trading above $80,800. The leading crypto analytics platform discussed this rise in Bitcoin’s demand among whales in its recent X post.
Bitcoin Witnesses Massive Demand Rise among Whale Investors
The latest market data reveals that the accelerating demand for Bitcoin among the giant investors is an optimistic development. The respective spike takes into account a persistent jump in the cumulative balance that the addresses comprising coins within the 1,000-10,000 $BTC range. Nonetheless, these addresses do not include those associated with mining pools or exchanges. Hence, this development displays a clear investor behavior.
Based on the exclusive analytics, the 1-month change in the cumulative whale $BTC holdings has exceeded the 1-month simple moving average. This condition often represents a bullish signal. At the moment, the thirty-day change is up to 2.6746, whereas the SMA (30) reportedly is behind at approximately 2.2262. Such a crossover serves as a strong sign of the increase demand for Bitcoin among whales.
Raising Speculation of Likely Near-Term Bull Rally
According to CryptoQuant, the sustained increase in the whale investors’ balances often occurs before bullish price actions. In this respect, these investors usually act according to long-term confidence and thorough market insights. Thus, this development could potentially be the onset of a significant bull rally.
