Bitcoin surges 5% as ETF demand and whale accumulation rise

Bitcoin (CRYPTO:BTC) prices have jumped over 5%, reaching $67,800, the highest level in ten weeks. 

According to data from Cryptoquant, this surge is driven by increasing demand from spot exchange-traded funds (ETFs) and large investors, known as "whales." 

The research highlights a significant uptick in Bitcoin accumulation, particularly from these influential market participants. 

Cryptoquant's latest report shows that Bitcoin demand surged by 177,000 in monthly purchases, the highest increase since April 2024. 

This rising demand quickly led to a price jump of 5%, marking Bitcoin’s highest level in over two months. 

Spot ETFs played a critical role, with U.S.-based funds buying nearly 8,000 Bitcoin in a single day, the largest daily purchase since July. 

In the first quarter of 2024, ETFs averaged daily purchases of 9,000 Bitcoin, a trend that could continue into the fourth quarter, further supporting Bitcoin's price growth. 

In addition to ETF demand, whale accumulation has contributed significantly to the price increase. 

Whales—large investors excluding exchanges and mining pools—now hold 670,000 Bitcoin, reflecting steady growth year-over-year. 

This accumulation has surpassed its 365-day moving average, signaling a positive outlook for Bitcoin’s future price movements. 

According to Cryptoquant, this trend mirrors similar patterns observed in previous bull markets. 

Based on these factors, Cryptoquant suggests that the continued demand from ETFs and whales may sustain Bitcoin’s upward momentum, especially during a period known for seasonal growth in cryptocurrency markets.

At the time of writing, the Bitcoin (BTC) price was $67,329.22.