According to Cointelegraph: Two Bitcoin whales have recently purchased $142 million worth of Bitcoin following Donald Trump’s victory in the 2024 U.S. presidential election, reflecting a surge in investor demand for the cryptocurrency. Trump’s win appears to have boosted investor confidence in risk assets, leading BTC to hit a new all-time high of $76,400 shortly after his election was confirmed.
Whales Drive BTC Accumulation Amid Growing Market Optimism
On November 6, an anonymous whale wallet, identified as “bc1qh,” acquired over $50.4 million worth of Bitcoin from Binance, while a second whale, “bc1qa,” followed with a $92 million BTC purchase on November 7. This pattern of large acquisitions began a week before the election, signaling that investors anticipated Trump’s win could create favorable conditions for Bitcoin.
According to Lookonchain data, fresh Bitcoin whale addresses emerged on November 6, collectively withdrawing over 1,806 BTC valued at $132 million. These purchases are seen as signals of growing confidence in Bitcoin’s potential to reach new price heights, with industry analysts suggesting that Trump’s victory could drive BTC past $100,000 by the end of 2024.
Options Markets and Pro-Crypto Policies Support Bullish Outlook
The options market also reflects optimism, with increased call open interest for end-of-year options and a notable focus on BTC reaching $80,000 by December 27. Bitfinex analysts note that this positioning indicates strong bullish sentiment, suggesting that a rally to $80,000 could be imminent.
Additionally, Trump’s administration, supported by a pro-crypto Republican Senate majority, is anticipated to foster a more favorable regulatory environment for the crypto industry. Industry leaders, including Coinbase CEO Brian Armstrong, have highlighted the Republican Senate’s potential to implement innovation-friendly policies, reducing regulatory friction for U.S.-based crypto companies. This shift could support new developments like the introduction of the first staked Ether ETF, further bolstering the crypto market.
Outlook: BTC Set for Higher Targets as Market Leverage Increases
With stablecoin market capitalization reaching new highs around $160 billion, analysts like Bitget’s Ryan Lee predict Bitcoin could leverage this liquidity to approach $100,000 within the next three months. Combined with positive regulatory prospects, Trump’s victory is seen as a catalyst for Bitcoin’s next significant rally, potentially pushing BTC to record-breaking levels before the end of 2024.
