Analysts at market intelligence platform CryptoQuant have identified a surge in demand for bitcoin (BTC) from large investors and permanent holders. While this could mean many things for the crypto industry, it is deemed a positive sign per the laws of demand and supply.
In the latest CryptoQuant weekly report, market experts said that accelerating BTC demand growth is necessary for a sustainable price rally. Hence, BTC may soon witness a substantial increase in prices.
Bitcoin Demand Growth Accelerates
CryptoQuant found that selling pressure from BTC traders has declined as they are done with taking profits. Currently, unrealized profit margins are hovering around 3%, compared to 69% in early March, and analysts expect much lower selling pressure from traders for now.
While selling pressure stays low, demand is on the rise. The acceleration in the demand for BTC is evident in the recovery of inflows into the United States spot Bitcoin exchange-traded fund (ETF) market.
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