Bitcoin continues its meteoric rise, repeatedly breaking all-time highs (ATHs) as it attracts massive inflows from both ETFs and the spot market.
Over the past 30 days, the market has seen an astounding $62.9 billion in capital inflows, fueling Bitcoin’s relentless climb.
#Bitcoin continues to relentlessly establish new ATHs, supported by robust capital inflows from both ETFs and the Spot Market, with over $62.9B entering the market over the last 30 days.
As the market proceeds to heat up, Long-Term Holder spending begins to rise in tandem.… pic.twitter.com/Rsl1L7Ie4E
— glassnode (@glassnode) November 20, 2024
The introduction of Bitcoin ETF options has significantly boosted whale activity, further propelling $BTC to new heights. As the market gains momentum, long-term holders have started to spend more, signaling growing confidence and anticipation of higher price levels.
Whale Accumulation in Focus
In the last 24 hours, two major accumulation events have caught the market’s attention:
1. A super-giant whale, identified as “bc1qc,” withdrew 750 BTC (worth $68.9 million) from Binance. This brings the whale’s total holdings to 24,660 BTC, valued at an incredible $2.3 billion.
2. Six newly activated wallets—likely controlled by a single entity—pulled 500.2 WBTC (worth $46.3 million) from Binance, subsequently supplying it all to Aave, signaling strategic DeFi positioning.
The launch of #Bitcoin ETF options has spurred whale activity, pushing $BTC to a new ATH!
Here are two notable accumulators in the last 24 hours: 👇
1/ Super-giant whale "bc1qc" withdrew 750 $BTC ($68.9M) from Binance, now holding 24,660 $BTC ($2.3B).
2/ Six first-time wallets… pic.twitter.com/Q87bkGxAH4
— Spot On Chain (@spotonchain) November 20, 2024
Analysts are drawing parallels between Bitcoin’s current trajectory and its performance in December 2020. According to Ali Martinez, Bitcoin’s RSI closely mirrors its historical pattern, suggesting a potential rise to $108,000, a brief pullback to $99,000, and a rebound to an ATH of $135,000.
#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.twitter.com/hsIBWBVGnl
— Ali (@ali_charts) November 20, 2024
On November 19, Bitcoin spot ETFs recorded a net inflow of $837 million, bringing their total net asset value to $98.426 billion.
On November 19, the Bitcoin spot ETF had a total net inflow of $837 million, and the total net asset value of the Bitcoin spot ETF was $98.426 billion. The Ethereum spot ETF had a total net outflow of $81.2042 million, and continued to have a net outflow for 4 days.…
— Wu Blockchain (@WuBlockchain) November 20, 2024
With robust institutional interest, growing whale activity, and bullish market sentiment, Bitcoin’s upward momentum shows no signs of slowing. As the king of crypto marches forward, all eyes remain on whether $BTC will achieve the projected targets, solidifying its dominance in the digital asset space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: flyman147/123RF
