2024-11-25 20:30 |
All eyes are on Bitcoin, especially as many traders continue to anticipate a break above the $100,000 mark. This anticipation has cascaded into a spike in activity, especially among Bitcoin whales. Interestingly, Bitcoin whales are making bold statements amidst the anticipation, with on-chain data pointing to an accumulation of over 40,000 BTC in just 96 hours among this holder cohort.
This interesting accumulation coincides with the Bitcoin price reaching a peak of $99,645 in the last 24 hours, adding further momentum to the narrative of a possible historic price milestone.
Examining The Holding Patterns Of Bitcoin WhalesBitcoin’s recent price dynamics have put the spotlight on Bitcoin whales. Ali Martinez, a well-known cryptocurrency analyst, drew attention to the remarkable activity of Bitcoin whales on social media platform X.
While highlighting Santiment data, Martinez revealed that Bitcoin whales have bought over 40,000 BTC worth approximately $3.96 billion in the past 96 hours. Notably, the Bitcoin whales referred to in this metric by Santiment consist of addresses holding between 100 and 1,000 BTC.
This aggressive accumulation comes at a critical juncture for Bitcoin, with prices flirting near the much-anticipated $100,000 mark. Such whale activity typically reduces the available supply of Bitcoin on the open market, which is expected to keep pushing up the Bitcoin price.
Despite the increase in whale accumulation, on-chain data from Glassnode suggests that long-term holders have upped their profit-taking in tandem. Particularly, over 128,000 BTC has been sold by long-term holders since early October.
However, this long-term holder profit taking has so far been offset by the demand from US Spot Bitcoin ETFs. These ETFs have acted as a counterbalance, absorbing nearly 90% of the Bitcoin sold by long-term holders.
A possible explanation is that long-term holders are exiting their self-custody of Bitcoin and are instead diverting their holdings into Spot Bitcoin ETFs in order to benefit from their regulatory clarity. According to data from SoSoValue, Spot Bitcoin ETFs in the US witnessed consecutive days of inflows throughout last week to bring the total inflow to $3.38 billion, which is the largest weekly inflow since their launch in January 2024.
What’s Next For Bitcoin Price?Looking ahead, the Bitcoin price is definitely on its way to break above $100,000 in the next few days. However, it remains to be seen what happens after that. Crypto analyst Tony Severino has speculated that the Bitcoin price peak could double within a timeframe of two weeks to two months following the break above $100,000.This prediction is based off of the Bitcoin price performance after it first broke above the $10,000 price level in 2017.
On the other hand, veteran analyst Peter Brandt suggests there could be some sort of selling pressure among bulls once the Bitcoin price breaks above $100,000.
“What I had in mind here is the possibility that bulls will sell their BTC sub $100,00 thinking they will buy a correction that does not come, then turn bearish if Bitcoin goes to $120,000 believing price must come down,” he said.
Nevertheless, the current crypto market landscape is set in place for a continued Bitcoin price increase in the next few weeks and months.
Featured image from DALL-E, chart from TradingView
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