Bitcoin Accumulation Spree, Meet the Whale Who’s Buying!

Bitcoin can be seen as having the time of its life now that Donald Trump has clinched victory in the US Presidential 2024 elections. The flagship cryptocurrency is up by 2% in the last 24 hours, exchanging hands at $75,138.09, at the press time. It is even safe to state that the days to come are bullish for Bitcoin with more upticks in values which would be soon evident on the price chart.

Bitcoin Whales in Action

Investors are coming forward to allocate a portion of their portfolios to Bitcoin – standing out is one whale wallet (bc1qa) which has bought 1,225 tokens more in the last 5 hours from reporting time. They were collectively worth approximately $92 million at that moment. This accumulation has taken the total holdings of wallet bc1qa to 1,775 in the past week alone, for a value of approximately $131 million.

Both transactions reportedly happened simultaneously. The first accumulation of 625 tokens was done for $47 million. It was followed by an accumulation of 600 BTC for $45.12 million. It built on adding 550 Bitcoin 6 days ago for almost $38.68 million. LookOnChain has further highlighted that the wallet bc1qa added 0.001 BTC for $59.40 2 months ago.

Chances are that previous accumulation was done when the token was experiencing a dip in its value. All transactions are seen associated with Binance Hot Wallet with no tentative timeline to sell them.

Community members have responded to this by saying that the whale wallet certainly knows something or is confident about the future of the token. It is still recommended to do research and risk assessment before following any wallet or trend in the crypto segment.

The current value of BTC has surged by 3.81% in the last 7 days and by 20.33% in the last 30 days. Near-term predictions project BTC to reach $96,945 in the next 30 days. That would be a jump of 28.38% from the present value. Working well for BTC is its low volatility of 4.78% and an uptrend when compared to the 50-day SMA of $65,124, or the 200-day SMA of $63,288.

That said, there is a probability that holders will soon look to sell their BTC to take profits home. Investors are more keen on transferring their tokens back to their wallets from exchange platforms.

So, the trend is a far-fetched aim – but it could happen in a few hours if dips come to the horizon once again. The Fear & Greed Index has 69 points for greed sentiments. This signals that investors want to get on board. Most of it now depends on how the Federal Reserve reacts to the implementation of policies by Donald Trump.

There is a positive sign in Spot Bitcoin ETF as well. The segment recorded a net inflow of $621.9 million on November 06, 2024. Thereby breaking the 3-day streak of net outflows. Future movements by the whale wallet (bc1qa) are currently hard to determine.

Also Read: Coinbase CLO Hints at a New Era for SEC’s Crypto Regulations