Bitcoin ETF

Bitcoin

Hoard

Despite Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) not reaching the $100,000 mark, most crypto traders are betting on it, as seen in the <a href="https://bitcoinist.com/bitcoin-whales-remain-determined-3-96-billion-worth-of-btc-gobbled-up-in-96-hours/">spike</a> in whale activity. Crypto whales have chosen to make bold statements to build the anticipation further, as the on-chain date highlighted that more than 40,000 BTC had been gathered by whales in the 96 hours leading up to November 25. 
This surge in crypto whale activity coincided with Bitcoin touching the $99645 peak on Sunday which drove up investors’ interest in it. 
.Many crypto analysts have drawn attention towards rise the in whale activity during the BTC price rally as data from analytics firm Santiment highlighted that these investors have bought $3.96 billion worth of Bitcoin tokens in the last 96 hours leading up to November 25. This mostly constitutes holders of 100-1000 BTC tokens. 
Whenever such a surge in whale activity happens it reduces the circulating supply of Bitcoin in the open market which pushes up the price further. 
Although the whales are gathering more tokens, on-chain data shows long-term BTC holders have seen a substantial increase in their profits as more than 128,000 Bitcoin tokens have been sold since October. 
However, US spot Bitcoin ETF demand has offset the profits of long-term holders as the ETFs absorbed 90% of the tokens sold by the holders. This means long-position holders no longer want to hold the self-custody of Bitcoin and hence they are diverting towards ETFs ahead of Trump’s crypto regulatory changes. 
Last week, spot Bitcoin ETF inflows rose for consecutive days, making the total inflow hit the $3.38 billion mark, the largest weekly inflow seen since January. 
However, analysts are hopeful that the BTC price rally will go above the $100,00 mark in the upcoming days but the question remains what happens after that? While some say the price will double in 2 weeks to 2 months after it hits the $100,000 level. This is based on a similar price rally seen in 2017. 
But crypto experts like Peter Brandt point towards a rise in selling pressure when Bitcoin hits the $100,000 milestone. “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,” Brandt said. 
At the time of writing, Bitcoin was down 1.72% in the last 24 hours to touch $94,671 while trading volume rose by 47.54% to reach $71.47 billion and market capitalization declined to $1.88 trillion.

Bitcoin Whales Hoard $3.96B as Price Could Soar Past $100K

Yellow News

Other articles published on Nov 25, 2024

Metaplanet and BTC Media to Launch Bitcoin Magazine in Japan

Gary Gensler’s Departure and Its Impact on Crypto

ZA Bank Becomes Asia’s First to Enable Retail Crypto Trading

BitMEX Launches the ‘Decade of BitMEX’ Global Campaign With a $1 Million Prize Pool to Celebrate ...

Metaplanet Secures Deal to Launch Bitcoin Magazine Japan in 2025

BTFD Coin Tops the List of Best Meme Coins to Buy in 2024—And for Good Reason!

Join our free newsletter for daily crypto updates!