Bitcoin Whales Increase Accumulation as Trump Administration Starts
Bitcoin (BTC) has been trading between $101,000 and $110,000 following Donald Trump's inauguration. A report from CryptoQuant indicates that large investors, or 'whales', are resuming accumulation of Bitcoin.
Key Points on Whale Accumulation
- Whale holdings increased from -0.25% to 2% growth between January 14 and January 17.
- Total whale BTC holdings rose from 16.2 million on November 4 to 16.4 million by January 24.
- US President Trump signed an executive order to establish a Working Group on Digital Asset Markets.
- The group will propose a regulatory framework for cryptocurrencies within six months.
- Profit-taking in BTC has decreased by 93% since December, with daily realized profits dropping from $10 billion to $2-$3 billion.
- Unrealized profit margins for traders have declined near zero, indicating a potential price floor.
- Overall Bitcoin spot demand has weakened, falling from 279,000 BTC in early December to 75,000 BTC recently.
Analysts' Outlook
- Some analysts predict BTC could reach $249,000 during Trump's presidency.
- Bitfinex forecasts BTC may hit $200,000 by mid-2025 amid mild price pullbacks.
- Technical patterns suggest a possible price target of $275,000.
- Current BTC price stands at $106,074, up 0.1% in the last 24 hours.
