On May 16th, cryptocurrency analysis company CryptoQuant stated in a report that despite a rebound in Bitcoin demand from the low point of the accumulation range, after two months of downward trend, Bitcoin demand is once again in "acceleration mode".

The organization stated that after the growth of Bitcoin demand slowed down since March, it seems to be stabilizing. The total balance of Bitcoin held by permanent holders and large investors seems to be in acceleration mode again.

However, CryptoQuant added that Bitcoin demand needs to further accelerate in order for this price increase to continue. In addition, the Bitcoin balance on over-the-counter trading platforms is very low, indicating strong demand that exceeds existing supply.