Cryptoquant’s latest report shows that after months of subdued activity, bitcoin demand is bouncing back. Last week saw a 177,000 bitcoin rise in monthly demand—the highest since April 2024.

This uptick was swiftly followed by a 5% increase in bitcoin’s value, pushing the price to $67,800, a level not seen in over two months. The data underscores the critical role demand plays in sustaining bitcoin’s upward trajectory, a pattern seen in previous price surges.

The Cryptoquant report credits spot ETFs as a key driver behind the surge in demand. Recently, U.S. spot ETFs bought up nearly 8,000 bitcoin in a single day, marking the biggest daily purchase since July.

In the first quarter of 2024, these funds averaged 9,000 bitcoin buys daily, contributing to the steady price rise. Should this ETF activity persist into Q4, bitcoin’s price could gain further traction, especially during a time that often brings positive seasonal trends for the cryptocurrency.

In addition to ETFs, Cryptoquant highlights whale accumulation as a major factor. Whales—large investors excluding exchanges and mining pools—have boosted their holdings to 670,000 bitcoin, maintaining steady growth year-over-year. This accumulation has now surpassed its 365-day moving average, signaling a positive outlook for bitcoin’s price, mirroring past bull markets.

What are your thoughts on this subject? Let us know what you think in the comments section below.