Summary
TLDR: Research shows that demand for Bitcoin from large investors, or whales, is at an all-time high. This increased demand, especially from institutional investors and ETFs, is expected to lead to a price rally following the upcoming halving event. Bitcoin is currently trading at $69,316, up from under $45,000 at the start of the year.
Key Points
1. Demand growth from Bitcoin whales has never been stronger, indicating that the biggest holders of Bitcoin want even more of the cryptocurrency.
2. Bitcoin whales are investors who hoard large amounts of Bitcoin and do not touch it for years, leading to significant gains. These whales are more likely to be companies and institutional holders rather than individuals.
3. Demand from “permanent holders” has outpaced the creation of new Bitcoin for the first time ever, which is expected to lead to a rally in Bitcoin’s price following the upcoming halving event.