The firm stated that spot demand has been rising sharply since midsummer, averaging more than 62,000 BTC in net inflows per month.
It added that this level of buying pressure has historically preceded fourth-quarter surges in prior cycles, including in 2020, 2021, and 2024.
CryptoQuant reported that whales, the industry’s term for large Bitcoin holders, are accumulating coins at an annualized pace of 331,000 BTC, up from 255,000 in the same period last year.
Meanwhile, U.S.-listed bitcoin exchange-traded funds, which purchased more than 200,000 BTC in the fourth quarter of 2024, could post a similar intake this year, the firm added.
The market has also broken above the “realized price” for traders at roughly $116,000.
With Bitcoin trading near $117,300 as of press time, the firm argued that a breach signals a return to the bull phase of the cycle, opening the door to a $160,000 to $200,000 range this quarter.
CryptoQuant’s internal “bull score index” ended September at levels typically seen before major rallies, supported by expanding stablecoin liquidity and reduced unrealized profits among traders, factors that indicate lower selling pressure.
