As a seasoned analyst with over two decades of market observation under my belt, I find myself intrigued by this recent surge in Bitcoin investments by whales, particularly following Donald Trump’s re-election victory.
Two major Bitcoin holders, often referred to as ‘whales’, are noticeably adding more Bitcoin to their portfolios. This move suggests a heightened enthusiasm for high-risk investments following Donald Trump’s victory in the U.S. presidential race.
On November 6th, it was announced that Trump had won the presidential election, thereby ensuring his re-election, with his new term commencing on January 20th, 2025.
Trump’s win fueled investor enthusiasm towards high-risk assets like Bitcoin (BTC), causing it to reach an unprecedented peak of $76,400 just after Trump assumed the presidency.
On the day following Donald Trump’s election win, an unidentified digital wallet labeled “bc1qh” obtained approximately $50.4 million in Bitcoins from Binance, the globally recognized centralized cryptocurrency exchange, according to data from Arkham Intelligence.
On November 7th, I observed a significant purchase of Bitcoin by an address known as “bc1qa.” This transaction amounted to over $92 million. Interestingly, my analysis revealed that this Bitcoin whale began its acquisitions the week preceding the US election, starting with a $52 million BTC purchase on November 1st.
Since Donald Trump’s election win, these two whales (large investors) have amassed approximately $142 million in Bitcoin investments, demonstrating the escalating interest among investors in the digital currency market.
Large investors, or “whales,” have a substantial influence on a cryptocurrency’s price fluctuations because they possess a vast amount of market-influencing funds. These traders frequently monitor the purchasing behaviors of whales to predict a cryptocurrency’s near-future price trend.
A Republican president’s term in office has sparked increased confidence about future Bitcoin price predictions. According to Bitget Research’s top expert, Ryan Lee, Trump’s election victory could potentially propel Bitcoin towards a surge above $100,000 by the end of 2024, as reported to CryptoMoon.
“With 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.”
New Bitcoin whales started emerging a day ahead of Trump’s victory
New large-scale Bitcoin wallets have appeared, suggesting they are preparing for a Trump win prior to the official election outcomes being announced.
On November 6th, a total of 1,806 Bitcoins, valued at approximately $132 million, were both obtained and withdrawn using eleven freshly made cryptocurrency wallets by whales.
On November 6th, cryptocurrency intelligence platform Lookonchain pointed out unusual withdrawals from the world’s biggest centralized exchange, Binance, in a recent blog post.
Options markets point to Bitcoin rally above $80,000
On November 6, Bitcoin reached an unprecedented peak of more than $75,000, reflecting increasing investor optimism. This surge in value comes as traders are steadily purchasing, with the initial election results pointing towards a Trump advantage.
As the elections approach, it’s generally anticipated that market prices could become more unstable. However, some experts view this turbulence as essential for further growth during the ongoing bull phase.
Significantly, analysts from Bitfinex anticipate that Bitcoin could reach approximately $80,000 by the year 2024, primarily due to the configuration of the options market and the possibility of a Republican candidate winning the presidential election. They shared this prediction with CryptoMoon.
“Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The Dec. 27 expiry and calls with an $80,000 strike price have been the primary areas of interest.”
The upcoming industry guidelines for the next four years are seen as more hopeful because Coinbase CEO Brian Armstrong described the current Republican Senate majority as “the most crypto-friendly Congress in history.
According to Andrey Lazutkin, the Chief Technology Officer and Chief Product Officer of Tangem Wallet, the Republican Senate might emphasize crypto policies that encourage innovation and reduce obstacles for American cryptocurrency businesses, as reported by CryptoMoon.
“Since Republicans traditionally favor fewer regulations on financial and technological industries, this could lead to a more hands-off approach toward the crypto industry, which many in the sector argue would foster innovation. We can expect a more favorable environment for companies and innovations in the crypto space.”
One potential way forward, as suggested by a Nansen analyst, is the possibility of seeing groundbreaking developments during the Trump administration, such as the launch of the first Ether Exchange-Traded Fund (ETF) with stakes, which could benefit from more lenient regulations over the next four years. This could be exciting news for the crypto world as outlined by CryptoMoon.
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2024-11-07 20:14