Golden Finance reports that CryptoQuant indicates that since July, the demand for Bitcoin Spot has continued to rise, with significant demand increasing by more than 62,000 coins each month. The company also pointed out that this sustained demand had also appeared before the pump in the fourth quarters of 2020, 2021, and 2024.
CryptoQuant indicates that Bitcoin whales and ETF demand also show strong trends. The annual growth rate of whale holdings is 331,000 BTC, compared to 255,000 in the fourth quarter of 2024, 238,000 at the beginning of the fourth quarter of 2020, and a decrease of 197,000 in 2021.
On the other hand, the Bitcoin ETF listed in the United States purchased 213,000 BTC in the fourth quarter of 2024,