Bitcoin (BTC) whales accumulate assets as the price exceeds $100K. The last dip, which saw the asset’s price below the level, triggered diverse reactions as traders repositioned holdings. Flows into Bitcoin and other crypto assets have flipped green in the last 48 hours.
On-chain data shows a crypto whale purchased 2000 BTC in two transactions at different price points. The first transaction of 1000 BTC, approximately $96.8 million, occurred on Dec 10. This came as whales sought to buy the dip, setting sights on a higher price. Bitcoin traded at $96,749 at the time of this transaction and has taken an upward turn.
On Dec 12, the whale purchased another 1000 BTC for $101 million. Both transactions have attracted a positive spark from the community. As Bitcoin prices increase, traders have projected similar swings in the coming months.
Wider Market Accumulation Spikes
This whale’s transfer is one of several leading to heightened sentiments in the crypto market. According to data from Lookonchain, after the asset’s price reclaimed $100K, a whale swooped 201 BTC worth approximately $20.3 million. The holder has amassed 1,502 BTC worth $152 million since Nov 24.
This year ushered several events that led to increased Bitcoin adoption. Institutional inflows picked up after the United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. These inflows led to a rising price and multiple all-time highs. As firms continue to raise projections across the next five years, whale accumulations will be seen across the ecosystem.
Meanwhile, the number of assets in centralized exchanges has declined in the last 30 days. This upward signal shows traders preparing for a long-term holding period.
“When we examine the data, we see that a large amount of Bitcoin has been withdrawn from spot exchanges, especially in recent days. This data, observed while the price is rising, indicates that investors are continuing to accumulate Bitcoin. It seems that investors are anticipating new all-time high (ATH) levels for Bitcoin,” a CryptoQuant analyst wrote.
Aside from Bitcoin, altcoins have recorded massive inflows since the US elections. A spike in BTC price impacts the wider market, with traders moving funds to altcoins and meme tokens in anticipation of more gains. This leads to an altcoin season, which is seen after a major jump in Bitcoin prices.