New Bitcoin “whales,” or investors holding significant amounts, appear to be accumulating the cryptocurrency in anticipation of a victory by former President Donald Trump in the 2024 election.
Whales have acquired and withdrawn over 1,806 Bitcoin (BTC) worth over $132 million across 11 newly created cryptocurrency wallets.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.
Whale wallets have withdrawn $132 million BTC. Source: Lookonchain
Investor appetite for risk-on assets like Bitcoin is growing, with Trump projected to win the presidential election held on Nov. 5.
Multiple sources, including The Hill and Decision Desk HQ, have declared Trump the winner after he captured key swing states like Pennsylvania, North Carolina and Georgia, which he had lost in 2020.
Bitcoin to $80,000 all-time high post-election — Analysts
Showcasing the growing investor sentiment, Bitcoin hit a new all-time high of over $75,000 on Nov. 6 as traders continued accumulating on early election results showing a Trump lead.
BTC/USD, 1-day chart. Source: Cointelegraph
While higher price volatility is widely expected after the election results, some analysts see this as necessary for the next leg up in the bull cycle.
Notably, Bitfinex analysts predict a Bitcoin rally to $80,000 before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory. The analysts told Cointelegraph:
“Options market positioning indicates that over the past few weeks, end-of-year options have seen a significant rise in call open interest. The Dec. 27 expiry and calls with an $80,000 strike price have been the primary areas of interest.”
Daily BTC volume throughout the US elections. Source: Standard Chartered Research, Bitfinex
Adding to its positive outlook, Bitcoin managed to flip the key $70,000 psychological level into support, which previously acted as a major hurdle for long-term price action.
Crypto market sentiment remains “greedy”
Showcasing the growing appetite for crypto assets due to a potential Republican victory, the Crypto Fear & Greed Index remained steadily above 70, signaling “greed,” according to alternative.me data.
Crypto Fear & Greed Index. Source: alternative.me
The index is a multifactorial measure of crypto market sentiment. The index started rising from 32, or “fear,” on Oct. 11, shortly after Trump gained a lead on the leading decentralized betting market, Polymarket.
The Polymarket odds flipped in Trump’s favor on Oct. 4, marking a sharp reversal from September. By Oct. 12, Trump was leading by over 10 points, Cointelegraph reported.
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