Bitcoin jumped more than 5% in the past week, reaching $67,800 — its highest level in ten weeks. According to the latest report from on-chain analytics firm Cryptoquant, the rally is fueled by a sharp rebound in demand from spot exchange-traded funds (ETFs) and continued accumulation by large holders, commonly known as “whales.”
Bitcoin Demand Hits Highest Since April
Cryptoquant’s data reveals that monthly bitcoin demand surged by 177,000 BTC last week, marking the largest weekly increase since April 2024. This demand spike immediately preceded the price breakout above $67,000, a level not seen in over two months. The report emphasizes that demand remains the cornerstone of bitcoin’s upward trajectory, a pattern observed in previous bull runs.
Spot ETFs: Nearly 8,000 BTC Bought in a Single Day
The report credits spot ETFs as a primary catalyst. U.S. spot ETFs purchased nearly 8,000 bitcoin in a single day, the highest daily intake since July. During the first quarter of 2024, these funds averaged 9,000 BTC per day, contributing to a steady price climb. If ETF activity persists into Q4, bitcoin could benefit from historically positive seasonal trends, potentially pushing prices higher.
Whale Holdings Exceed 670,000 BTC, Above 365-Day Average
Whale accumulation — excluding exchanges and mining pools — has been equally impressive. Cryptoquant shows whales now hold 670,000 bitcoin, with year-over-year growth remaining steady. This holding level has surpassed its 365-day moving average, a signal that historically aligned with the start of major bull markets. Whales continue to accumulate during pullbacks, signaling strong institutional confidence in bitcoin’s long-term value.
Market Outlook: Multiple Tailwinds Converge
Analysts point to a combination of supportive factors: expectations of Federal Reserve rate cuts, geopolitical uncertainty ahead of the U.S. election, and the post-halving supply squeeze. Cryptoquant’s data provides quantitative support for this optimism. However, the report warns of potential short-term profit-taking, with the $65,000 level serving as a key support to watch in the coming weeks.