All eyes are on Bitcoin, especially as many traders continue to expect a breakout above the $100,000 level. This anticipation has turned into a Increase in activityespecially among Bitcoin whales. Interestingly, Bitcoin whales are making bold statements amid the anticipation, with on-chain data indicating that more than 40,000 BTC have been accumulated in just 96 hours among the pool of Bitcoin holders.
This interesting accumulation coincides with the Bitcoin price reaching a peak of $99,645 over the past 24 hours, adding further momentum to the narrative of a potential historical price milestone.
Studying the holding patterns of Bitcoin whales
The recent Bitcoin price dynamics have put the spotlight on Bitcoin whales. Ali Martinez, famous cryptocurrency analyst, Attract attention to the noticeable activity of Bitcoin whales on the social media platform X.
While highlighting Santiment’s data, Martinez revealed that Bitcoin whales have purchased more than 40,000 BTC worth approximately $3.96 billion in the past 96 hours. Notably, the Bitcoin whales referenced in this metric by Santiment consist of addresses containing between 100 and 1,000 Bitcoins.
This strong buildup comes at a critical juncture for Bitcoin, as prices approach the long-awaited $100,000 level. This whale activity typically reduces the available supply of Bitcoin on the open market, which is expected to continue to push up the price of Bitcoin.
Despite the increase in whale accumulation, on-chain data from Glassnode suggests the presence of long-term bearers They have increased their profit taking side by side. In particular, more than 128,000 Bitcoins have been sold by long-term holders since early October.
However, this long-term profit-taking has so far been offset by demand from US spot Bitcoin ETFs. These ETFs acted as an arbitrage, absorbing approximately 90% of the Bitcoin sold by their long-term holders.
One possible explanation is that long-term holders are exiting their Bitcoin custodians and instead shifting their holdings into spot Bitcoin ETFs in order to take advantage of their regulatory clarity. According to data from SoSoValue, US spot bitcoin ETFs saw consecutive days of inflows throughout last week bringing the total inflow to $3.38 billion, the largest weekly inflow since their launch in January 2024.
What’s next for Bitcoin price?
Looking ahead, Bitcoin price is definitely on track to surpass $100,000 in the next few days. However, it remains to be seen What happens next. Cryptocurrency analyst Tony Severino He speculated about it The peak price of Bitcoin can double within a time frame of two weeks to two months after a breakout above $100,000. This prediction is based on Bitcoin’s price performance after it crossed the $10,000 price level for the first time in 2017.
On the other hand, veteran analyst Peter Brandt points out that there may be some sort of selling pressure among the bulls once the Bitcoin price crosses $100,000.
“What I had in mind here was the possibility that the bulls would sell their bitcoin worth less than $100,000 thinking they would buy a correction that doesn’t come, and then turn bearish if the price of bitcoin drops to $120,000 thinking the price should go lower.” He said.
However, the current cryptocurrency market landscape is set for a continued increase in Bitcoin prices in the next few weeks and months.
Featured image from DALL-E, chart from TradingView
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