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Bitcoin: Is it returning to $100,000?

Recovery of confidence in Bitcoin amid strong accumulation

Since the second half of April, the rise in Bitcoin has been supported by strong purchases from large investors. Blockchain data indicates that wallet addresses holding between 10 and 10,000 Bitcoins have accumulated a total of 19,000 Bitcoins during the recent price surge. This indicates increasing confidence among long-term wallet holders.

Additionally, the amount of Bitcoin withdrawn from cryptocurrency exchanges has also increased. Since November 2024, more than 425,000 Bitcoins have been withdrawn from exchange platforms, leading to a total supply of cryptocurrencies at its lowest level since 2018. This trend indicates reduced selling pressure and more bullish expectations in the long term.

Positive signals are also emerging from the cryptocurrency exchange-traded fund market, which is one of the main drivers behind the current momentum for Bitcoin. Data shows that $2.2 billion flowed into Bitcoin exchange-traded funds this week alone. This increase in institutional demand has significantly boosted market liquidity and strengthened bullish expectations.

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