Originally published on: November 07, 2024
Following Donald Trump’s re-election victory, two prominent Bitcoin investors, often referred to as whales, have been making waves by significantly increasing their holdings in the cryptocurrency market. This move reflects a growing interest in risk assets post the US presidential election results.
On Nov. 6, Trump secured his second term as president, which led to a surge in demand for risk assets like Bitcoin. The price of Bitcoin skyrocketed to a new all-time high of $76,400 shortly after Trump’s victory was declared.
One of the unknown whale wallets, labeled “bc1qh,” made a noteworthy purchase of over $50.4 million worth of Bitcoin from Binance, the world’s largest centralized exchange. Another whale wallet, known as “bc1qa,” acquired over $92 million worth of Bitcoin on Nov. 7, having only started buying Bitcoin a week before the US election.
Since Trump’s re-election, these two whales have collectively invested $142 million in Bitcoin, underscoring the increasing investor interest in the cryptocurrency market.
Whales like “bc1qh” and “bc1qa” hold significant market-moving capital and can influence a cryptocurrency’s price trajectory. Traders often pay close attention to whale buying patterns as a signal for short-term price movements in the market.
The optimistic sentiment surrounding Trump’s victory has led to projections of Bitcoin rallying above $100,000 by the end of 2024, according to Bitget Research’s chief analyst, Ryan Lee.
Following the election results, new whale addresses emerged, with 1,806 Bitcoin worth over $132 million being withdrawn through 11 newly created wallets on Nov. 6. This further highlights the growing investor confidence in Bitcoin.
As Bitcoin reached a new all-time high on Nov. 6, traders continued accumulating the cryptocurrency, anticipating positive market movements post Trump’s victory. Analysts predict higher price volatility in the coming weeks, seen as a necessary step towards the next bull cycle.
Industry experts anticipate favorable regulations for cryptocurrencies in the next four years, with the current Republican Senate majority being hailed as the “most pro-crypto Congress ever” by Coinbase CEO Brian Armstrong. This optimistic outlook could pave the way for innovative crypto policies and market advancements in the near future.
