Greed

Donald Trump

President Donald Trump

New Bitcoin “whales,” or investors holding significant amounts, appear to be accumulating the cryptocurrency in anticipation of a victory by former President Donald Trump in the 2024 election.
Whales have acquired and withdrawn over 1,806 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) worth over $132 million across 11 newly created cryptocurrency wallets.
The withdrawals from the world’s largest <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/centralized-vs-decentralized-crypto-exchanges" rel="null" target="null" text="null" title="null">centralized exchange (CEX)</a>, Binance, were flagged by crypto intelligence platform Lookonchain in a Nov. 6 X <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1854075148279971943" rel="null" target="null" text="null" title="null">post</a>.
<figure>
 <img alt="Bitcoin whales accumulate $132M amid Trump victory projections" src="https://s3.cointelegraph.com/uploads/2024-11/019300d6-076f-7c9f-a855-ca69690b60ec" title="">
 <figcaption style="text-align: center;">
 Whale wallets have withdrawn $132 million BTC. Source: Lookonchain
 </figcaption>
</figure>
Investor appetite for risk-on assets like Bitcoin is growing, with <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-election-us-crypto-industry" rel="null" target="null" text="null" title="null">Trump projected</a> to win the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="null" target="null" text="null" title="null">presidential election</a> held on Nov. 5.
Multiple sources, including The Hill and Decision Desk HQ, have declared Trump the winner after he captured key swing states like Pennsylvania, North Carolina and Georgia, which he had lost in 2020.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-win-confirmed-jim-cramer-predict-harris-win" rel="null" target="null" text="null" title="null">Trump win confirmed? Jim Cramer says markets predict Harris win</a>
<h2 id="bitcoin-to-80-000-all-time-high-post-election-analysts">Bitcoin to $80,000 all-time high post-election — Analysts</h2>
Showcasing the growing investor sentiment, Bitcoin hit a new all-time high of over <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-new-all-time-high-united-states-elections-donald-trump-kamala-harris" rel="null" target="null" text="null" title="null">$75,000 on Nov. 6</a> as traders continued accumulating on early election results showing a Trump lead.
<figure>
 <img alt="Bitcoin whales accumulate $132M amid Trump victory projections" src="https://s3.cointelegraph.com/uploads/2024-11/019300d6-74e6-7a87-8057-b5b163f31ed6" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Cointelegraph
 </figcaption>
</figure>
While higher price volatility is widely expected after the election, some analysts see this as necessary for the next leg up in the bull cycle.
Notably, Bitfinex analysts predict a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-80k-derivatives-signal-98-bitcoin-holders-profit" rel="null" target="null" text="null" title="null">Bitcoin rally to $80,000</a> before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory. The analysts told Cointelegraph:
<blockquote>
 “Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The Dec. 27 expiry and calls with an $80,000 strike price have been the primary areas of interest.”
</blockquote>
<figure>
 <img alt="Bitcoin whales accumulate $132M amid Trump victory projections" src="https://s3.cointelegraph.com/uploads/2024-11/019300d7-8242-7d08-85b5-31905d9999bf" title="">
 <figcaption style="text-align: center;">
 Daily BTC volume throughout the US elections. Source: Standard Chartered Research, Bitfinex
 </figcaption>
</figure>
Adding to its positive outlook, Bitcoin managed to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-set-for-post-election-breakout-but-flipping-70-k-to-support-is-the-first-hurdle" rel="null" target="null" text="null" title="null">flip the key $70,000</a> psychological level into support, which previously acted as a major hurdle for long-term price action. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-outlook-2024-us-election-analysts" rel="null" target="null" text="null" title="null">Bitcoin price outlook hinges on 2024 US election outcome — Analysts</a>
<h2 id="crypto-market-sentiment-remains-greedy">Crypto market sentiment remains “greedy”</h2>
Showcasing the growing appetite for crypto assets due to a potential Republican victory, the Crypto Fear &amp; Greed Index remained steadily above 70, signaling “greed,” <a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="null" target="null" text="null" title="null">according</a> to alternative.me data.
<figure>
 <img alt="Bitcoin whales accumulate $132M amid Trump victory projections" src="https://s3.cointelegraph.com/uploads/2024-11/019300d8-4d50-782b-b88a-0a4502d43bef" title="">
 <figcaption style="text-align: center;">
 Crypto Fear &amp; Greed Index. Source: alternative.me
 </figcaption>
</figure>
The index is a multifactorial measure of crypto market sentiment. The index started rising from 32, or “fear,” on Oct. 11, shortly after Trump gained a lead on the top <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-election-drives-crypto-prediction-markets-growth-2024" rel="null" target="null" text="null" title="null">decentralized betting market</a>, Polymarket.
The Polymarket odds had flipped in Trump’s favor on Oct. 4, marking a sharp reversal from September. By Oct. 12, Trump <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/former-president-trump-gains-10-point-lead-harris-polymarket" rel="null" target="null" text="null" title="null">was leading by over 10 points</a>, Cointelegraph reported.<advertisement>
 <h2 id="what-does-trump-s-victory-mean-for-crypto-in-the-us">What does Trump’s victory mean for crypto in the US?</h2>
 For the latest analysis of Trump’s election victory and the crypto market reaction, tune in to today’s Rise’n’Crypto podcast from Cointelegraph. 
 <template data-ct-widget="buzzsprout" data-buzzsprout-podcast-id="2274877" src="https://www.buzzsprout.com/2274877?client_source=large_player&amp;iframe=true"></template>
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Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/nansen-alex-svanevik-bitcoin-ethereum-kamala-harris-unrealized-gains-tax-x-hall-of-flame/" rel="null" target="null" text="null" title="null">Harris’ unrealized gains tax could ‘tank markets’: Nansen’s Alex Svanevik, X Hall of Flame</a>

Bitcoin whales accumulate $132M amid Trump victory projections

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