CryptoQuant, a blockchain analysis platform, stated in its latest weekly report that "large investors are putting in about $1 billion into Bitcoin, which is similar to the situation before Bitcoin rose from $10,000 to $70,000 in 2020. As early as 2020, Bitcoin hovered around $10,000 for six months with high on-chain activity, later revealed to be off-exchange transactions." It further explained, "Now, despite small price fluctuations, on-chain activity remains high, and new whale wallets are increasing their holdings by $1 billion every day, possibly in the form of institutional investors entering custodial wallets to purchase Bitcoin."