" data-src="https://cryptoslate.com/wp-content/uploads/2024/09/brighty-news-position.jpg" alt="Receive, Manage & Grow Your Crypto Investments With Brighty" />Bitcoin (BTC) demand has rebounded after a period of dormancy, with a significant spike in growth driving prices to a ten-week high above $67,000, according to CryptoQuant’s latest weekly report.
Bitcoin’s apparent demand surged by 177,000 BTC last week, the largest increase since April, pushing the flagship crypto’s price up over 5% to $67,800. The renewed activity in the market has ignited optimism among investors following months of sluggish performance since May.
According to the report, a combination of strong institutional demand, increased whale activity, and favorable seasonal factors has created a bullish environment. However, some experts caution that external factors, such as regulatory developments or macroeconomic conditions, could still introduce volatility.
Institutional interestThe resurgence is largely attributed to heightened institutional interest and activity, particularly through spot ETFs in the US, which recently bought nearly 8,000 Bitcoin — marking the highest daily purchase since July 21.
These purchases are seen as a major driver behind Bitcoin’s price momentum. In the first quarter of 2024, spot ETFs purchased an average of 9,000 Bitcoin daily helping to boost demand and push prices to fresh highs.
According to CryptoQuant, the rise in institutional activity indicates a broader trend of renewed confidence in the crypto market, especially with expectations of regulatory approvals for additional spot Bitcoin ETFs.
As institutional buy-ins continue, the market is poised for further growth, with Bitcoin’s price steadily increasing amid these developments.
Whale accumulation amid ‘Uptober’Meanwhile, large-scale investors, often referred to as “whales,” have been steadily accumulating Bitcoin. The total balance of Bitcoin held by whales, excluding exchanges and mining pools, has grown to 670,000 BTC.
CryptoQuant noted that whale holdings have been increasing consistently over the past year and are currently above the 365-day moving average. This trend suggests that these large investors are continuing to accumulate Bitcoin, signaling strong confidence in long-term price growth.
Additionally, Bitcoin’s rally is coinciding with what has historically been a period of strong seasonal performance. The fourth quarter, particularly in a halving year, has traditionally been a favorable time for Bitcoin’s price.
During the last three halving years —2012, 2016, and 2020 — Bitcoin prices increased by 9%, 59%, and 171%, respectively, in Q4. So far, Q4 2024 has followed a similar trajectory, with Bitcoin demonstrating a bullish trend in line with past cycles, according to CryptoQuant.
For now, Bitcoin’s recent rally has sparked renewed interest in the broader crypto market, with other digital assets also seeing gains. The CryptoQuant report concludes that the combination of factors driving demand could continue to sustain Bitcoin’s upward trajectory in the coming weeks.
Bitcoin Market DataAt the time of press 6:00 pm UTC on Oct. 16okebet, 2024, Bitcoin is ranked #1 by market cap and the price is up 1.67% over the past 24 hours. Bitcoin has a market capitalization of $1.34 trillion with a 24-hour trading volume of $43.92 billion. Learn more about Bitcoin ›
" data-src="https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/09/bitcoin-logo.jpg&w=45&h=45&q=75" data-srcset="https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/09/bitcoin-logo.jpg&w=60&h=60&q=75 1.5x, https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2019/09/bitcoin-logo.jpg&w=90&h=90&q=75 2x"> Bitcoin 6:00 pm UTC on Oct. 16, 2024$67,782.62 1.67% Crypto Market SummaryAt the time of press 6:00 pm UTC on Oct. 16, 2024, the total crypto market is valued at at $2.32 trillion with a 24-hour volume of $92.3 billion. Bitcoin dominance is currently at 57.68%. Learn more about the crypto market ›
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