CryptoQuant revealed the number of bitcoins purchased by investors.
Investors on the open market bought more than 375,000 bitcoins over the past month, specifically 50,000 BTC on November 5, according to experts from the on-chain platform CryptoQuant.
According to analysts, the increase in demand may be due to increased activity by large investment funds investing in spot Bitcoin ETFs :
“While overall demand has slowed slightly, this hasn't been the case for this category of investors. In less than two months, their average monthly buying activity has more than doubled—from 130,000 to 262,000 BTC, demonstrating an accelerating trend.”
These developments could signal the end of the so-called investor capitulation phase and the beginning of a new uptrend. If this trend continues, the market will gradually recover in the coming months, CryptoQuant hopes.
Many investors see the current price as an opportunity to enter the Bitcoin market in anticipation of a new growth cycle for the cryptocurrency, analysts believe. Selling pressure on Bitcoin prices will ease, helping the asset maintain support at $100,000, CryptoQuant experts predicted.
Earlier, Arthur Hayes, co-founder and former CEO of the crypto exchange BitMEX, stated in his essay titled “Hallelujah” that the US Federal Reserve (FRS) would soon fire up the printing press, starting to print new dollars, and Bitcoin would “fly to the moon.”
Source: cryptonews.net
