The two whales have acquired $142 million worth of Bitcoin since Trump’s victory in the US election was confirmed, showing growing investor demand for Bitcoin.
Two large Bitcoin investors, known as whales, are significantly increasing their holdings, reflecting growing interest in risk assets after Donald Trump’s win in the United States presidential election.
On Nov. 6, Trump was declared the winner of the presidential election, securing his second term, which will begin on Jan. 20, 2025.
Trump’s victory bolstered investor appetite for risk assets such as Bitcoin BTC $74,845, which hit a new all-time high of $76,400 shortly after Trump was elected president.
A day after Trump’s victory, unknown whale wallet “bc1qh” acquired over $50.4 million worth of Bitcoin from Binance, the world’s largest centralized exchange (CEX), Arkham Intelligence data shows.
Another Bitcoin whale, address “bc1qa,” bought over $92 million worth of Bitcoin on Nov. 7. The whale’s transactions show that it only started acquiring Bitcoin the week before the US election, beginning with a $52 million BTC acquisition on Nov. 1.
The two whales have acquired $142 million worth of Bitcoin since Trump’s victory, showing the growing investor demand for Bitcoin.
Whales can significantly impact a cryptocurrency’s price action due to the high amount of market-moving capital. Traders often follow whale buying patterns for cues on a cryptocurrency’s short-term price trajectory.
The Republican president inspired more optimistic price projections. Trump’s victory could set Bitcoin on track to a rally above $100,000 before the end of 2024, Bitget Research’s chief analyst, Ryan Lee, told Cointelegraph:
“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
Fresh Bitcoin whale addresses have emerged, anticipating Trump’s victory ahead of the election results.
On Nov. 6, whales acquired and withdrew over 1,806 Bitcoin worth over $132 million through 11 newly created cryptocurrency wallets.
The withdrawals from the world’s largest centralized exchange (CEX), Binance, were flagged by crypto intelligence platform Lookonchain in a Nov. 6 X post.
