Due to whales adding 20,000 BTC in the past 24 hours and Tether issuing USDT, Bitcoin prices have strongly rebounded to $100,000. Will there be more rebounds?
Bitcoin prices are showing a healthy rebound, recovering to the $100,000 level. As Tether continues to print more USDT, providing sufficient liquidity to the market, the upward trend of BTC remains strong. Additionally, the accumulation by BTC whales and on-chain indicators suggest that we have not yet reached a peak. The rise in Bitcoin prices is expected to set a new historical high.
In the past 24 hours, Bitcoin (BTC) has once again rebounded from the support level of $96,000. As of now, BTC price has risen by 2.17% to $99,376, with a total market capitalization of $1.97 trillion. However, its daily trading volume has decreased by 33%, falling to $84 billion, indicating a reduction in market activity.
On-chain data indicates that the recent price pullback of Bitcoin has not affected the positive attitude of large investors. According to analysis by cryptocurrency analyst Ali Martinez, after the price dropped to $96,000, Bitcoin whales purchased approximately 20,000 BTC within the past 24 hours, totaling a value of $2 billion. This accumulation behavior by whales suggests that the market remains optimistic about Bitcoin's future price movements and may lay the foundation for the next phase of price increases.
Martinez also emphasized that local price peaks for Bitcoin often align with the cost basis of short-term holders plus one standard deviation. Currently, this key level is calculated at $112,926, which may indicate a critical resistance point for the leading cryptocurrency.
On-chain analyst Ali Martinez stated that the most important support level for Bitcoin currently is $96,870. Data shows that approximately 1.45 million addresses have collectively purchased 1.42 million BTC at this price point, marking it as a key demand zone. Martinez indicated that as long as this level remains strong, Bitcoin's upward trajectory may continue.
On the other hand, the inflow of funds into spot Bitcoin ETFs remains strong, with total BTC holdings exceeding that of Satoshi Nakamoto. On Friday, the total inflow was $376 million, with BlackRock's IBIT contributing over $257 million. Earlier this week, IBIT reached an important milestone, achieving an asset management scale of $50 billion in less than a year since its launch.
Tether issuing USDT may provide further momentum.
Stablecoin issuer Tether recently minted an additional 2 billion USDT on the Ethereum blockchain, injecting more liquidity into the Bitcoin and altcoin markets. According to data from Spot On Chain, since November 6, Tether has issued a total of 19 billion USDT on the Ethereum and Tron blockchains, with an additional amount of 4 billion USDT in just the past four days.
In the past month, the continuous injection of new liquidity has had a significant impact on the market, with Bitcoin prices breaking the important threshold of $100,000 twice. This trend has led market analysts to generally be optimistic about the potential for continued upward movement in the future. At the same time, Tether's market dominance has been further consolidated in this process.
In addition to stablecoin minting activities, Tether is also actively seeking other ways to expand its market influence. Last month, Tether launched an open-source wallet development kit (WDK), a self-custody toolkit designed to help developers quickly build wallets that support Bitcoin and Tether (USDT).
The launch of the WDK aims to promote the development of financial autonomy, supporting both ordinary users and AI-driven systems, enabling them to independently manage digital assets. This innovation not only expands Tether's application scenarios but also lays the groundwork for further development of the cryptocurrency ecosystem.