Are You Buying Bitcoin? Whales Add $7.3 Billion in BTC
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has received widespread attention from cryptocurrency enthusiasts for its impressive performance. Today, December 17, 2024, a famous Crypto expert Posting on X (formerly Twitter), the whale has purchased 70,000 BTC worth nearly $7.3 billion.
Bitcoin whale interest continues to rise
This noteworthy BTC purchase occurred within a 48-hour period, during which time BTC experienced an impressive upward rally and reached new highs today. However, the current market sentiment seems to be quite confusing, as Bitcoin and a handful of major assets are experiencing upward momentum, while most assets are struggling to gain traction.
Current Bitcoin Price Momentum
With this massive purchase, BTC reached a new high of $108,353 today. At press time, BTC was trading close to $107,850, with prices surging more than 2.25% in the past 24 hours. During the same period, its trading volume increased slightly by 8%, indicating increased participation from traders and investors in the ongoing bull market.
$117 million in BTC inflows
Despite the high-profile participation and whale acquisitions, data shows that some long-term holders continue to dump their holdings onto exchanges, reported on-chain analytics firm Coinglass. Bitcoin spot inflow/outflow data shows that the exchange witnessed $117.66 million worth of BTC inflows.
This inflow refers to the movement of assets from the wallets of long-term holders to exchanges, suggesting potential selling pressure and price declines in the coming days. However, recent accumulations have been significantly higher than inflows, suggesting this will not affect BTC prices.
Why is Bitcoin price rising?
In addition to the recent accumulation of whales, institutional demand has also surged through December 16, 2024. MicroStrategy and Samler Scientific Corporation According to CoinPedia, 15,350 BTC and 211 BTC were purchased respectively.
These whale and institutional acquisitions may be the underlying reason behind the ongoing bull run.
