Bitcoin prices jumped over 5%, reaching a ten-week high of $67,800, as demand for the digital asset accelerated sharply. According to the latest research from blockchain analytics firm Cryptoquant, this rally is powered by a resurgence in demand from both spot exchange-traded funds (ETFs) and large investors, or “whales.”
Demand Rebound: Monthly Increase of 177,000 BTC – Highest Since April
After months of subdued activity, Bitcoin’s demand is bouncing back. Cryptoquant’s data shows that weekly demand surged by 177,000 BTC—the largest single-week increase since April 2024. This jump was immediately followed by a 5% price rise, pushing Bitcoin from approximately $64,500 to $67,800. The pattern mirrors previous bull market phases where demand growth acted as the primary catalyst for sustained upward momentum.
Spot ETFs Drive Institutional Demand: Single-Day Purchases Near 8,000 BTC
The report highlights spot ETFs as a key driver behind the demand spike. In a single day, U.S. spot ETFs bought approximately 8,000 BTC, marking the largest daily purchase since July 2024. During the first quarter of 2024, these funds averaged 9,000 BTC per day, contributing to the steady price appreciation. If ETF buying continues at this pace into Q4, historically a strong seasonal period for cryptocurrencies, Bitcoin could see further gains.
Whale Accumulation Surpasses 365-Day Moving Average
Beyond ETFs, whale accumulation is another major factor. The holdings of large investors (excluding exchanges and mining pools) have risen to 670,000 BTC, maintaining consistent year-over-year growth. This accumulation has now exceeded its 365-day moving average, a technical signal that often precedes bullish market phases. In past cycles, crossing this threshold marked the beginning of a major uptrend. The whales’ continued buying reduces sell pressure and adds to the market’s liquidity lock-up, setting a solid foundation for Bitcoin’s long-term appreciation.
Conclusion
Cryptoquant’s data paints a clear picture of a demand-driven rally fueled by institutional ETFs and whale accumulation. With both groups stepping up their engagement, Bitcoin’s price trajectory in Q4 2024 warrants close attention. The combination of strong fundamentals and historical seasonal trends could propel the cryptocurrency to new heights.