On June 6, CryptoQuant, an on-chain analysis platform, pointed out in its latest weekly report: "Large investors are putting about $1 billion into Bitcoin, which is comparable to the situation before Bitcoin rose from $10,000 to $70,000 in 2020. Back in 2020, Bitcoin hovered around $10,000 for 6 months, with high on-chain active levels, which were later disclosed as over the counter." It further explained: "Now, despite the lower price volatility, on-chain activity is still high, with new whale wallets increasing their holdings by $1 billion per day, possibly in the form of institutional investors entering custodial wallets to buy bitcoin."