In its latest weekly report, CryptoQuant, an on-chain analysis platform, compared investor behavior in 2024 with that in 2020.
The report states: "Large investors are pouring about $1 billion into Bitcoin, which is comparable to the situation before Bitcoin rose from $10,000 to $70,000 in 2020. Back in 2020, Bitcoin hovered around $10,000 for 6 months, with high on-chain activity, which was later disclosed as over-the-counter transactions."
It further explains: "Now, despite smaller price fluctuations, on-chain activity remains high, with new whale wallets increasing their holdings by $1 billion a day, which may be a form of institutional investors entering custodial wallets to buy Bitcoin." (Cointelegraph)