The effect of the opening? Bitcoin whales begin to accumulate at the beginning of the Trump era
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After the inauguration of Donald Trump on January 20, Bitcoin (BTC) remained in the range, circulating between 101,000 dollars to $ 110,000. However, a new report issued by Cryptoquant indicates that behind this routine price movement, the Bitcoin “whales” quietly returned to collecting the leading cryptocurrency.
Bitcoin whales return to the accumulation situation
According to a reportThe adult BTC owners – who are usually referred to as “Bitcoin” – have returned to the stage of accumulation. The recent data shows a significant increase in the percentage of BTC’s monthly growth between these big investors.
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It is worth noting that bitcoin whales increased a decrease by -0.25 % on January 14 to 2 % growth by January 17, which represents the highest monthly growth rate since mid -December. In terms of absolute value, these Bitcoin investors have increased from 16.2 million on November 4 to 16.4 million as of January 24.
It appears that the increase in the accumulation of whales was driven by many bullish developments early in the Trump administration. For example, the US president has already signed an executive order to create a working group on digital asset markets.
This working group was assigned to propose a federal organizational framework for encrypted currencies – including stable currencies – within six months. In addition, the group will evaluate the potential construction of a national stock of digital assets, raising speculation about the potential American Bitcoin reserves.
Besides growth in whale possesses, the Bitcoin sale pressure has decreased sharply since the reaping of big profits in December. This is in line with the latter a report Which found that Bitcoin’s profits had decreased by 93 % from its peak in December. The report stated the following:
Bitcoin holders made daily profits up to $ 10 billion with Bitcoin approaching $ 100,000 in December. However, the achieved daily profits decreased to levels ranging between $ 2 and $ 3 billion in January, indicating that the market participants may have finished selling Bitcoin most of the time. Moreover, unreasonable profit margins for traders near zero, a level that usually represents the minimum price during emerging markets.
However, the report also sheds light on the fact that the total immediate demand for Bitcoin has weakened during the past month, raising concerns about the possibility of another upward rise. Specifically, Bitcoin demand growth rate decreased from 279,000 Bitcoin in early December to only 75,000 bitcoins at the time of writing this report.
Analysts are confident of another BTC height
Although the demand for the series has declined, cryptocurrencies are still optimistic about another significant rise in Bitcoin prices. For example, a modern report Proposal BTC can target $ 249,000 during Trump’s presidency.
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last a report BitFinex expected that the BTC price is likely to go to $ 200,000 by mid -year amid slight declines in prices. However, a lot Dependent on On how the US Federal Reserve deal with interest rate adjustments this year.
Technically, the BTC cup and handle style Projects A target price of $ 275,000. At the time of publication, Bitcoin is trading at $ 106074, an increase of 0.1 % over the past 24 hours.
Distinctive image from UNSPLASH, scheme from TradingView.com
