Bitcoin whale accumulation at levels not seen since before the 2020 bull run Could BTC be on track to surpass 70K

Bitcoin (
BTC
) accumulation by large holders has reached levels not seen since before the 2020 bull market. Could it propel Bitcoin’s price to a breakout above the $70,000 mark?
Bitcoin whale accumulation reached 2020 levels
Bitcoin accumulation by whales, or entities holding at least 1,000 BTC, has hit a nearly four-year high last seen during 2020, according to a Bitfinex research report shared with Cointelegraph.
Referencing the chart below, the Bitfinex analysts wrote:


Bitcoin Total Whale Holdings and Monthly Percent Change Source: CryptoQuant
Factors like an anticipated interest rate cut and increased institutional buying could lead to more upward momentum for Bitcoin, according to Bitfinex analysts:
On June 10, spot Bitcoin
exchange-traded funds (ETFs)
in the United States recorded their
first day of net outflows
in over 19 consecutive trading days. The 10 U.S. ETFs saw $64.9 million worth of outflows,
according
to Farside Investors.
On June 11, the U.S. Bitcoin ETFs saw over $200 million worth of negative net outflows.


Bitcoin ETF Flow Table. Source: Farside
Related:
63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K
Bitcoin short-term holder realized price at $63,700
Bitcoin has successfully confirmed the $66,000 mark as its new support on the weekly chart, according to popular crypto analyst Rekt Capital.
The analyst wrote in a June 12 X
post
, to his 476,000 followers:


BTC weekly support. Source: Rekt Capital
Meanwhile, Bitcoin’s short-term holder realized price rose to $63,729 on June 11, according to
LookIntoBitcoin
. During bull cycles, the short-term holder realized price often acts as a dynamic support line for Bitcoin’s price.


Bitcoin: Short-term holder realized price. Source: LookIntoBitcoin
But Bitcoin’s price has been stuck despite the increasing realized price, mainly due to the distribution of older coins, according to Thomas Fahrer, co-founder of Apollo. He wrote in a June 12 X
post
:
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.