Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is attracting significant attention from crypto enthusiasts due to its impressive performance. Today, December 17, 2024, a well-known crypto expert posted on X (formerly Twitter) that whales had purchased a significant 70,000 BTC worth almost $7.30 billion.
Growing interest of Bitcoin whales
This notable BTC purchase occurred within a 48-hour period, during which BTC experienced an impressive rise and reached a new high today. However, the current market sentiment seems quite confused as BTC and only a few major assets are experiencing upside potential while most are struggling to gain traction.
Current BTC price dynamics
Thanks to this massive buying, BTC reached a new high of $108,353 today. At the time of publication, BTC is trading around $107,850, and the price has risen over 2.25% in the last 24 hours. Over the same period, trading volume increased by a modest 8%, indicating increased participation by traders and investors amid the ongoing bull run.
BTC inflow amounted to $117 million
Despite the notable participation and whale acquisitions, data shows that some long-term holders continue to dump their assets on exchanges, according to data analytics firm Coinglass. Bitcoin spot inflow/outflow data showed that exchanges witnessed significant inflows of $117.66 million worth of BTC.
This influx refers to the transfer of assets from the long-term holder’s wallet to exchanges, suggesting potential selling pressure and possible price declines in the coming days. However, the recent accumulation significantly outweighs the inflows, suggesting that this will not impact the price of BTC.
Why is the price of BTC rising?
In addition to recent accumulation by whales, demand from institutions has increased sharply as of December 16, 2024. According to CoinPedia, large firms such as MicroStrategy and Semler Scientific purchased 15,350 BTC and 211 BTC respectively.
Acquisitions of these whales and institutions could be a potential driver of the continued bull run.
