Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is capturing the spotlight in the crypto realm. Its remarkable performance has not gone unnoticed, especially after a prominent crypto analyst shared intriguing insights on X (formerly known as Twitter). According to this expert, whales have recently acquired a substantial 70,000 BTC, valued at nearly $7.30 billion as of today, December 17, 2024.
Bitcoin Whales’ Rising Interest
The acquisition of 70,000 BTC by whales transpired over a concise 48-hour window, during which Bitcoin witnessed an impressive upward trajectory, culminating in a new peak today. However, the broader market sentiment remains enigmatic as only Bitcoin and a few key assets are displaying upward momentum, whereas the majority of cryptocurrencies are struggling to gain traction.
Current BTC Price Momentum
This substantial purchase propelled BTC to a new pinnacle of $108,353. As of the latest update, Bitcoin is trading around $107,850, reflecting a commendable price surge of over 2.25% within the last 24 hours. Concurrently, its trading volume has seen a modest 8% uptick, signaling increased engagement from traders and investors amid this ongoing bull run.
$117 Million in BTC Inflow
Despite the palpable enthusiasm among whales and other stakeholders, data indicates a continued trend of long-term holders offloading their BTC holdings onto exchanges. This insight is brought to light by the on-chain analytics firm Coinglass, which reports that Bitcoin spot inflow/outflow data reveals a notable $117.66 million worth of BTC has flowed into exchanges.
This inflow represents the transfer of assets from long-term holders’ wallets to exchanges, potentially signaling selling pressure and a possible price dip in the near future. Nevertheless, the recent accumulation far exceeds this inflow, suggesting that the current buying spree may mitigate any negative impact on BTC prices.
Why is the BTC Price Increasing?
Apart from the recent whale accumulations, institutional demand has surged significantly since December 16, 2024. Major corporations such as MicroStrategy and Semler Scientific have made noteworthy acquisitions, purchasing 15,350 BTC and 211 BTC, respectively, as reported by CoinPedia.
The strategic acquisitions by these whales and institutions are likely contributing to the ongoing bullish trend. Their involvement not only indicates confidence in Bitcoin’s future but also injects substantial liquidity into the market, fueling further interest and participation from other investors and traders.
In conclusion, the convergence of whale activity and institutional interest paints a promising picture for Bitcoin’s trajectory. As market dynamics continue to evolve, it will be interesting to observe how these factors shape Bitcoin’s journey in the coming days and months.
