A crypto whale has demonstrated his dedication to virtual currency investment by accumulating 3,577 Bitcoin (worth $330 million) in the past four days. According to data shared by Lookonchain, the whale currently holds 25,298 Bitcoin (worth $2.5 billion).
It appears the whale got enticed by the surging prices of the cryptocurrency, potentially after seeing his holdings appreciate multiple times.
Whale behavior boosts market confidence
Whales, big investors with wallets holding between 1000 and 10,000 BTC, have been on a determined accumulation spree. Despite Bitcoin’s value reaching an all-time high of $99,261.30, big investors seem to be in no rush to liquidate their holdings.
The number of addresses holding over 1000 BTC continues to surge, indicating a “hodling mentality” and expectation of further price increases. This behavior reflects users’ confidence in the market and BTC’s future price movements.
Besides that, large investors are also diversifying their portfolios, pointing interest in alternative cryptocurrencies. This signals a strategic approach to investment beyond Bitcoin.
BTC price analysis
While whales’ interest in Bitcoin continues, the commodity seems to be ascending to greater heights. Currently, $BTC is trading as high as $98,955.81, expanding its rise since Trump received his re-election early this month.
The asset has surged over 60% since the election, as users expect Trump’s administration to create a friendly regulatory environment for virtual tokens.
During his initial term in office, Trump once described Bitcoin as a scam. He has now embraced virtual currencies. He promised to make America “the crypto capital of the world” and create a national Bitcoin reserve, which would periodically accumulate large amounts of Bitcoin tokens.
Another bullish indicator for the industry is that the US SEC chairman, Gary Gensler, disclosed plans to leave office in January. Crypto investors, who disliked Gary for his anti-crypto approach, welcome the move, expecting President Trump to appoint a friendly executive who would enable the industry’s growth.
As Bitcoin continues to hover around $100,000, market observers are on the looks on whether it will rise higher or if new macroeconomic events would affect its trajectory. Currently, whales’ continued accumulation indicates confidence and optimism, as most users expect the commodity to continue its bullishness.