Growing Whale Activity Sent Bitcoin Above $98K but Can BTC Reach $100K?

Bitcoin skyrocketed above $98,000 on Thursday, hitting a brand new peak as its market cap neared $2 trillion. Investor optimism surrounding Donald Trump’s presidential win has sparked hypothesis that his management might result in crypto-friendly insurance policies, which has contributed to the surge. Consequently, the main cryptocurrency has gained over 44% for the reason that November 5 election, breaking document after document.

The worth improve has been fueled, partially, by important accumulation exercise noticed amongst whale and shark wallets.

Fewer Massive Wallets However Heavier Accumulation

Over the previous month, addresses holding no less than 10 BTC collectively acquired 56,397 BTC, valued at $5.43 billion, based on crypto analytic platform Santiment. This rise in holdings comes regardless of a discount within the variety of these wallets, with 1,256 fewer (-0.82%) in comparison with a month in the past.

Whereas fewer wallets maintain 10+ BTC, the remaining massive ones are accumulating closely, concentrating extra Bitcoin in a smaller variety of high-value addresses. This means robust shopping for stress from key market contributors, which is usually a optimistic sign for value sustainability.

An analogous sentiment was echoed by IntoTheBlock in its analysis which revealed a constant circulation of funds into Bitcoin’s largest wallets. Internet outflows have been noticed to have remained minimal all year long, whilst Bitcoin trades at such excessive value ranges. This continued accumulation by massive holders highlighted a powerful conviction within the asset’s long-term development potential.

In the meantime, QCP Capital reports aggressive demand for March and June Name choices this week, signaling robust investor optimism for Bitcoin’s efficiency in 2025.

Moreover, spot Bitcoin ETFs have recorded a three-day streak of internet inflows totaling $1.84 billion. These funding autos have proved to be a key catalyst for BTC’s development, with US-based ETFs alone contributing $29.4 billion in internet inflows this yr.

Pullback Forward?

Bitcoin is only a step away from hitting the $100k milestone. Whereas pleasure builds round this potential achievement, Glassnode co-founders Jan Happel and Yann Allemann cautioned buyers that crossing the six-figure threshold might set off important profit-taking.

Notably, sell-offs haven’t been as aggressive as earlier situations, such because the March spike to $73K or the $70K retest in Might. Nonetheless, if profit-taking indicators present a pointy improve, a value correction could observe.