Bitcoin (BTC) whales are buying assets in large volumes following the recent dip in the crypto market. These large volumes mostly come off Binance as whales seek to move assets to other custodians, which signifies long-term holdings. Generally, the market’s reaction is bullish, with BTC’s price shaking off previous exits to regain $100K.
Data from CryptoQuant shows increased whale accumulations, leading to a surge in market sentiments. In the last 48 hours, several withdrawals from Binance ranged from 4000 BTC to 8000 BTC. These buys point to long-term holdings as bulls anticipate a higher price for the asset.
Whale activity on Binance has taken a positive trend during price swings in past bill peaks. Outflows from the top exchange influence retail holdings as they move in a similar direction.
“We observed massive withdrawals ranging from 4,000 BTC to over 8,000 BTC while Bitcoin’s price was testing the 100k target. Withdrawals from Binance remain dominant, indicating that investors are steadily accumulating Bitcoin as they anticipate further upward movement. Notably, these withdrawals also coincide with MicroStrategy’s recent purchases. This activity demonstrates strong investor confidence, with a clear bet on Bitcoin’s potential to rise further.”
MicroStrategy’s Buys Dominate Market
Michael Saylor’s MicroStrategy maintains its bullish stance on Bitcoin acquisitions. Last week, the company added 21,550 BTC for approximately $2.1 billion. This raised the firm’s total holdings to 423,650 BTC, valued at $41.5 billion. These huge purchases spiked investors across the board to pour more funds into the industry.
Saylor has made bullish predictions on the market price lauding recent adoption. The price of the asset stands at $100,800, with traders setting sights above $150k in the coming months. Several companies like Semler Scientific and Block added BTC to their balance sheet.
US Macro Factors To Keep Asset Above $100K
A consensus among Bitcoin enthusiasts is that macro factors consistently chart the bull season. The road to $100K saw the approval of spot Bitcoin ETFs, halving and the United States presidential election. The US SEC approved spot ETFs on Jan 10, opening up a new window of institutional investment.
Inflows spiked the price above $73k before a correction, while Donald Trump’s win took the asset to present levels as holders anticipate clear rules. Flows into Bitcoin led to upticks in altcoin prices.
