Bitcoin's demand is showing a significant resurgence, with a noteworthy monthly growth of 177,000 BTC and a rally that has pushed its price to a ten-week high of over $67,800. Recent inflows into U.S. Bitcoin ETFs reached $458.5 million in a single day, led by Blackrock's IBIT, which attracted $393.4 million. Additionally, the daily average net purchases by Bitcoin ETF investors in Q1 2024 were nearly 9,000 BTC. Whales, or large holders of Bitcoin, are also accumulating, with their total holdings rising to 670,000 BTC, above the 365-day moving average. The funding rate for BTC perpetual futures showed increased volatility, suggesting new investments are entering the market. Current betting markets indicate a 64% likelihood that Bitcoin will reach $70,000 this October, reflecting confidence in a potential new all-time high in 2024. Other cryptocurrencies, particularly Dogecoin and its rival BONK, also saw price increases amid these developments.

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