Bitcoin, the leading cryptocurrency by market capitalization, is aiming for a six-figure Christmas gift to enthusiasts spurred on by whales short-selling.
After last week’s Christmas Eve scare, the top asset returned to $99,000. For context, Bitcoin fell to $92,000 last week. recording This is the worst week since Donald Trump’s re-election.
Meanwhile, Bitcoin rebounded sharply, catalyzing a broader uptrend in the market. The pioneering cryptocurrency approached the $100,000 mark yesterday, raising optimism that it will return to the six-figure mark by Christmas.
The activity of whales buying on the decline is recovering
Data from the market analysis platform sentiment shows that the whales accumulating decline were the precursors of the latest rise. tweet revealed the number of Bitcoin owners in each category and how sharp gains among whales led to the recovery.
Santiment data shows that:
- 50.17 million wallet addresses contain between 0 and 0.1 bitcoins.
- 4.31 million addresses contain between 0.1 and 10 bitcoins.
- 150,130 wallets store from 10 to 1000 BTC.
-
2050 addresses contain 1000 Bitcoins or more.
Meanwhile, Santiment attributed the recent rebound to the growing accumulation of wallets holding between 10 and 1,000 bitcoins. The analytics platform noted that this category of whale addresses is increasingly buying Bitcoin, triggering a price surge close to $100,000.
Whale accumulation will support the upward price trend
Notably, Santiment suggested that the rising price trend could extend into next year if the number of whales in the two categories continues to rise. While acknowledging that whales holding at least 10 BTC have amassed large volumes of Bitcoin this year, they noted that a repeat in 2025 would support price upside potential.
The cryptocurrency market has seen an increase in acquisitions amid growing adoption. Tributaries from spot bitcoin exchange-traded funds (ETFs) and ongoing investments of corporate companies as strategic reserve asset contributed to growing number of bitcoin whale wallets.
Meanwhile, analysts expect greater adoption potential. They insist that a favorable environment from the Donald Trump administration will attract more institutions to Bitcoin.
At the same time, the main asset is trading at $98,001 with a current market capitalization of $1.94 trillion.