As Bitcoin started trading above the $70,000 level again, on-chain analysis firm CryptoQuant published its weekly analysis report. The report highlighted important points from ETFs to the increase in the new investor group and the decline in selling pressure.

“Bitcoin and Ether purchases increased”

It was stated that big players have increased their purchases of Ether as well as Bitcoin, and ETFs have also played a major role here:

“One of the most important elements required for a price rally is increased demand. We see that the demand for Bitcoin and Ether has increased significantly recently. There is an increase in the number of big players and long-term investors. Major Bitcoin wallets are buying $1 billion a day. There is renewed interest in Bitcoin ETFs in the US. The acceptance of Ether spot ETFs has also increased demand for Ether. In addition, the selling pressure from traders seems to have been greatly reduced as unrealized profits have fallen to 0%.”

Ki Young Ju, CEO of CryptoQuant, recently stated that the current situation has serious similarities with the situation 4 years ago and said, “At that time, Bitcoin was around 10 thousand dollars for 6 months. But on-chain mobility was also very high. Today, 1 billion dollars of BTC is added to new whale wallets per day.”