Coinspeaker Bitcoin (BTC) Price Attempts Bullish Breakout Catalyzed by Rising Demand from Whale Investors
After teasing below $95K earlier this week, Bitcoin BTC $100 523 24h volatility: 2.5% Market cap: $1.99 T Vol. 24h: $68.42 B price surged more than 5 percent in the past 24 hours to trade about $101K on Thursday, December 12, during the mid-London session. The flagship coin retested the highest daily close of about $101,961, signaling a potential bullish breakout toward a new all-time high in the near term.
Moreover, Bitcoin price has accumulated significant bullish momentum since the beginning of this year to fuel an exponential rally in the coming quarters. Additionally, the flagship coin is already in the price discovery phase, suggesting the bulls are in control.
In the case of a bullish breakout, several models have been presented to estimate the potential top in the coming months. The most important dynamic is that FOMO traders will likely continue to speculate until the upcoming Trump administration implements a strategic Bitcoin reserve as promised during the campaigns.
Bitcoin Whales Continue to Make Huge Moves
According to on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges has declined sharply in the past year amid the ongoing bullish outlook. During the past 30 days, the supply of Bitcoin on CEXes declined by nearly 120K to hover around 2.23 million, led by Coinbase Pro.
The notable decline in Bitcoin supply on CEXes is a general indication that more investors are bullish in the long haul, despite the ongoing midterm consolidation. According to market data from CryptoQuant, Bitcoin’s investment products have attracted an average of $80 billion per month in the past year, thus outshining the cash inflow in the past 15 years.
#Bitcoin is attracting $80 billion every month.
Nearly half of the capital that has entered the Bitcoin market over the past 15 years was added this year.
If you don’t understand what this means, you still don’t understand Bitcoin. pic.twitter.com/7qvk8tUzlu
— Ki Young Ju (@ki_young_ju) December 12, 2024
Meanwhile, the US spot BTC ETFs have registered a net cash inflow of more than $4.2 billion in the past ten consecutive days. BlackRock’s IBIT and Fidelity’s FBTC have been major buyers of Bitcoin in the past, thus significantly contributing to the $34.5 billion in cumulative total net inflows since the historic approval by the US SEC.
Market Picture
The demand for Bitcoin among institutional investors is expected to remain high as nation-states prepare to adopt strategic BTC reserves. Furthermore, top US officials have identified Bitcoin as digital gold, thus likely to offer more states a chance to pay off national debts in the long haul.
Notably, BlackRock’s IBIT has already overtaken the company’s gold ETF in market value in less than a year of existence, thus indicating high demand from institutional investors.
Meanwhile, Bitcoin dominance has been bleeding to the altcoin industry amid the ongoing altseason led by Ethereum (ETH) in the recent past. Furthermore, more FOMO traders have been betting on an imminent parabolic rally for altcoins.
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Bitcoin (BTC) Price Attempts Bullish Breakout Catalyzed by Rising Demand from Whale Investors
