itcoin recently surged unexpectedly to high $67,000 , a level not seen since June 18, marking a higher high. Moreover the bitcoin price broke above a 10 week downtrend. This move is important to take into consideration as it comes after many months of sideways price action. Most of the buying pressure came form institutional buying through ETFs and whales.
Market Activity
Data shows that approximately 177,000 BTC were bought In the last week, which impacted the price of BTC , and the rest of the market positively. Bitcoin ETF inflows, played a major role in the move to the upside, with more than 8,000 BTC purchased by institutions in only one day.
Institutional Impact
To put things into perspective, in Q1 2024, BTC inflows to US spot ETFs averaged 9,000 BTC per day. This influenced the overall market price and sentiment which pushed the price of Bitcoin to an ATH before the Bitcoin halving for the first time in history. This highlights the huge influence and impact that institutional investors can have on the cryptocurrency market. This trend is expected to continue in 2025.
Movement of whales and their migratory season
Onchain data shows that Whales holding substantial amounts of Bitcoin have increased their position size of bitcoin t o to 670,000 BTC. Halving years, especially during the fourth quarter are very positive for Bitcoin with previous rises averaging from 9% to 171%.
Market Signs Point to Bitcoin Growth
Transaction activity by the institutional investors, whales and historical good perfermonance months such as Q4 during halving years are very important and bullish factors for BTC to pay close attention to, indicating that the price of Bitcoin could continue rising over the next couple of weeks and months.
