đ Two #Bitcoin whales buy $142M BTC after Trumpâs win
The two whales have acquired $142 million worth of Bitcoin since Trumpâs victory in the US election was confirmed, showing growing investor demand for Bitcoin.
Two large Bitcoin investors, known as whales, are significantly increasing their holdings, reflecting growing interest in risk assets after Donald Trumpâs win in the United States presidential election.
On Nov. 6, Trump was declared the winner of the presidential election, securing his second term, which will begin on Jan. 20, 2025.
Trumpâs victory bolstered investor appetite for risk assets such as Bitcoin BTC $74,845, which hit a new all-time high of $76,400 shortly after Trump was elected president. Â
A day after Trumpâs victory, unknown whale wallet âbc1qhâ acquired over $50.4 million worth of Bitcoin from Binance, the worldâs largest centralized exchange (CEX), Arkham Intelligence data shows.
Another Bitcoin whale, address âbc1qa,â bought over $92 million worth of Bitcoin on Nov. 7. The whaleâs transactions show that it only started acquiring Bitcoin the week before the US election, beginning with a $52 million BTC acquisition on Nov. 1.
The two whales have acquired $142 million worth of Bitcoin since Trumpâs victory, showing the growing investor demand for Bitcoin.
Whales can significantly impact a cryptocurrencyâs price action due to the high amount of market-moving capital. Traders often follow whale buying patterns for cues on a cryptocurrencyâs short-term price trajectory.
The Republican president inspired more optimistic price projections. Trumpâs victory could set Bitcoin on track to a rally above $100,000 before the end of 2024, Bitget Researchâs chief analyst, Ryan Lee told:
âWith the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.â
New Bitcoin whales started emerging a day ahead of Trumpâs victory.
