TechFlow reported, citing The Block, that data from on-chain analytics platform CryptoQuant shows bitcoin whales are increasing their holdings at a rate of 6.3% per month—the fastest pace since April 2023—indicating rising demand for bitcoin.
The report noted that despite market supply pressure from seized bitcoins held by the German and U.S. governments, as well as distributions from the defunct Mt. Gox exchange, long-term holder demand continues to support bitcoin's price. Analysts pointed out that while it may take longer for bitcoin prices to bottom out and begin a new upward cycle, stablecoin liquidity growth has yet to fully kick in.
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