Bitcoin (BTC) whales have tightened their bullish grip on the crypto market with a slew of heavy transactions. Onchain data shows an increase in large wallet holdings above average in the last 30 days. This volume comes on the heels of increased institutional appetite for crypto products as sentiments flipped positive in the United States.
Whales Accumulate 886 BTC
According to crypto tracking firm Lookonchain, five fresh wallets withdrew 886 BTC worth $86.4 million from Binance. This suggests that more transactions set the tone for the next seven days. BTC bulls became more confident as institutional activities increased their exposure to the market leader.
Michael Saylor’s MicroStrategy acquired another huge set of assets, further driving market sentiments. The firm bought 55,500 BTC worth $5.4 billion as the price hit 97K. MicroStrategy now holds 386,700 BTC as it continues its bullish strategy. At an average purchase price of $56,761, the company holds an unrealized profit of $15.8 billion.
This spurred other firms to diversify their balance sheets along with Bitcoin, leading to soaring institutional demand. Similarly, Whale Alert noted that 3,073 BTC was acquired on November 25 as whale consolidation grew. On November 24, bulls ignited momentum after a slight correction. Although profit-taking is present, crypto prices are tipped to spike, with bulls raising the price targets.
Several stakeholders have projected the BTC price to go up in value. Recently, Cathie Wood raised a bullish Bitcoin case that will be worth over $1 million per coin by 2030.
Bitcoin ETFs Notch Record Week
A new CoinShares report shows a record weekly inflows for Bitcoin ETFs. Total movements hit $3.12 while the wider market gained $3.13 billion. The positive state of US regulation since Donald Trump’s election has raised hopes in several quarters. The pro-crypto president-elect also raised concerns about macroeconomics, which is another positive for the market. Soaring debt and inflation have seen users advocate for a replacement of traditional methods.
“Bitcoin saw inflows of US$3bn, although the prices reaching new highs also prompted further inflows into short-bitcoin investment products of US$10m, with monthly inflows of US$58m marking the largest inflows post since August 2022,” CoinShares analysts wrote.
Meanwhile, altcoins recorded weekly gains as Solana, Litecoin, and XRP bulls brace up for the next cycle. BTC trades at $92,408 at press time, a 5% setback today.
