Bitcoin “whales” are accumulating large amounts of BTC, with over 1,806 Bitcoin worth approximately $132 million recently withdrawn from Binance into 11 newly created wallets.
The withdrawals, flagged on Nov. 6 by Lookonchain, suggest that large investors bought Bitcoin in anticipation of former President Donald Trump’s projected win in the 2024 election. Trump has now been declared the winner after securing key swing states like Pennsylvania, North Carolina, and Georgia.
This growing investor appetite has driven Bitcoin’s price to new highs, reaching near $75,000 on Nov. 6, supported by early election results showing Trump’s lead. As Bitcoin’s price continues to rise, investors have seen a profit of 2.6%, reflecting growing confidence in the cryptocurrency following the election results.
Analysts at Bitfinex suggest that the options market is positioning for an end-of-year rally, targeting $80,000 before 2024 closes. Bitfinex noted that call options with an $80,000 strike price and expiring on Dec. 27 have seen a rise in open interest, reflecting bullish sentiment among traders and investors.
Further supporting this bullish trend, Bitcoin’s recent breach of the $70,000 mark has turned this level into a significant support zone, suggesting that the cryptocurrency could continue to climb. Analysts see this milestone as a stepping stone in Bitcoin’s ongoing bull cycle, with the possibility of heightened volatility expected in the wake of the election.
Meanwhile, the Crypto Fear & Greed Index, which tracks market sentiment, has remained above 70, signaling “greed” among investors. This index, which considers factors such as volatility, market momentum, and social media activity, has surged from a “fear” rating of 32 in early October.
The shift aligns with Trump’s increasing odds on decentralized betting platforms like Polymarket, which flipped in his favor by early October, marking a key psychological shift for crypto investors.