Bitcoin (BTC) continues to reign as the leading cryptocurrency by market capitalization, drawing significant attention from the crypto community due to its remarkable performance in recent times. On December 17, 2024, a well-known cryptocurrency analyst shared on X (formerly Twitter) that influential investors, often referred to as ‘whales’, have acquired a substantial 70,000 BTC, valued at approximately $7.30 billion.
Bitcoin Whales’ Rising Interest
Over a brief span of 48 hours, this substantial BTC acquisition occurred, coinciding with a notable upward rally in Bitcoin’s value, reaching new heights today. The current market atmosphere, however, is somewhat perplexing. While Bitcoin and a select few major assets are experiencing upward momentum, the majority of cryptocurrencies are struggling to gain traction and remain stagnant.
Current BTC Price Momentum
The massive acquisition by whales has propelled Bitcoin to a fresh high of $108,353. As of the latest updates, BTC is trading close to $107,850, reflecting a price surge of over 2.25% within the last 24 hours. During this period, the trading volume has seen a modest increase of 8%, pointing to heightened activity from traders and investors who are keen to capitalize on the ongoing bull market.
$117 Million in BTC Inflow
Despite the increased interest and purchases by whales, data indicates that some long-term Bitcoin holders are offloading their assets onto exchanges, according to reports from the on-chain analytics firm Coinglass. The analysis of Bitcoin’s inflow and outflow on exchanges highlighted a significant $117.66 million worth of BTC influx. This movement signifies the transfer of Bitcoin from holders’ wallets to exchanges, possibly indicating an upcoming selling pressure and potential price corrections. However, the scale of recent accumulation surpasses this influx, suggesting that it might not adversely affect Bitcoin’s price trajectory.
Reasons Behind the Rising BTC Price
Beyond the significant accumulation by whales, institutional interest has also surged as of December 16, 2024. Prominent corporations such as MicroStrategy and Semler Scientific have purchased 15,350 BTC and 211 BTC, respectively, as reported by CoinPedia. These strategic acquisitions by major players in the market are likely contributing to the ongoing upward price momentum in Bitcoin.
The combined effect of substantial whale purchases and increased institutional demand underscores the renewed enthusiasm in the Bitcoin market. This trend not only highlights the growing acceptance of Bitcoin as a valuable asset but also suggests the potential for further price increases as both individual and institutional investors seek to capitalize on Bitcoin’s upward trajectory.
