Bitcoin has been the center of attention in the trading world, with many anticipating a breakthrough above the $100,000 mark. This anticipation has led to a surge in activity, particularly among Bitcoin whales. These whales have been making bold moves, accumulating over 40,000 BTC in just 96 hours, coinciding with Bitcoin’s price reaching a peak of $99,645 in the last 24 hours.
The holding patterns of Bitcoin whales have come under scrutiny, with analyst Ali Martinez drawing attention to their significant activity on social media platform X. Data from Santiment revealed that whales holding between 100 and 1,000 BTC have purchased over 40,000 BTC worth approximately $3.96 billion in the past 96 hours. This aggressive accumulation by whales is seen as a bullish sign, as it reduces the available supply of Bitcoin on the open market, potentially driving the price higher.
Despite the increase in whale accumulation, Glassnode’s on-chain data indicates that long-term holders have been taking profits. Since early October, over 128,000 BTC has been sold by long-term holders, but this selling pressure has been offset by the demand from US Spot Bitcoin ETFs. These ETFs have absorbed nearly 90% of the Bitcoin sold by long-term holders, suggesting a shift in the way holders are managing their assets.
One possible explanation for this shift is that long-term holders are moving their holdings from self-custody into Spot Bitcoin ETFs to take advantage of regulatory clarity. Data from SoSoValue shows that Spot Bitcoin ETFs in the US saw significant inflows last week, totaling $3.38 billion, the largest weekly inflow since their launch in January 2024.
Looking ahead, the Bitcoin price is poised to break above $100,000 in the coming days. Analysts have differing opinions on what may happen next, with some speculating that the price could double within a timeframe of two weeks to two months after surpassing $100,000. Others, like Peter Brandt, suggest that there could be selling pressure among bulls once the price crosses this milestone.
Overall, the current market landscape suggests that Bitcoin’s price is set for further increases in the near future. As traders and investors closely monitor the market, all eyes remain on Bitcoin as it approaches this historic price level. The activity of Bitcoin whales and the behavior of long-term holders will continue to play a crucial role in shaping the future price movements of the leading cryptocurrency.
