Bitcoin (BTC) rose as much as 2% over the past 24 hours to an intraday high of $81,300 on Tuesday. This brings the weekly and 30-day gains to 5% and 21%, respectively.
This rally was accompanied by buying from long-term holders, who have added more than 330,000 BTC over the past month, according to data from CryptoQuant.
Key takeaways:
Long-term Bitcoin holders added 331,000 BTC over the past 30 days.Spot Bitcoin ETFs have seen a total of $1.18 billion in net inflows over the last three days.Bitcoin’s bull flag projects a BTC price rally to $94,800.
Bitcoin long-term holders add $26.7 billion in BTC
Bitcoin long-term holders (LTHs) — entities holding coins for at least six months without selling — ramped up their holdings as BTC price hit new highs above $81,000.
Related: Bitcoin short-term cost basis approaches profitability, but $80K must flip to support first
CryptoQuant data shows that on a rolling 30-day basis, the supply held by LTHs increased by a net 331,000 BTC, worth around $26.7 billion at current market prices as of Tuesday. This represents almost 1.6% of the total supply, suggesting increased accumulation as the price recovers.
Bitcoin 30-day rolling LTH supply change. Source: CryptoQuant
Also accompanying Bitcoin’s bullishness are strong inflows into US-based spot Bitcoin exchange-traded funds (ETFs), which have recorded positive flows for three consecutive days totaling $1.18 billion.
These investment products attracted $532 million in net inflows on Monday, suggesting increased institutional appetite for BTC.
Spot Bitcoin ETF flows table. Source: Farside Investors
“ETF flows are back in the markets, and the markets are turning upwards for Bitcoin,” MN Capital founder Michael van de Poppe said in an X post on Tuesday, adding:
“I assume we’ll continue to see more strength coming in over the course of the next few weeks as there’s a lot of ETF demand happening.”
As Cointelegraph reported, institutions are absorbing more than five times the daily mined BTC supply.
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