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Bitcoin skyrocketed above $98,000 on Thursday, hitting a new peak as its market cap neared $2 trillion. Investor optimism surrounding Donald Trump’s presidential win has sparked speculation that his leadership could lead to crypto-friendly policies, which has contributed to the surge. As a result, the leading cryptocurrency has gained over 44% since the November 5 election, breaking record after record.56,397 BTC, valued at $5.43 billion, according to crypto analytic platform Santiment.
While fewer wallets hold 10+ BTC, the remaining large ones are accumulating heavily, concentrating more Bitcoin in a smaller number of high-value addresses. This indicates strong buying pressure from key market participants, which is often a positive signal for price sustainability.which revealed a consistent flow of funds into Bitcoin’s largest wallets. Net outflows were observed to have remained minimal throughout the year, even as Bitcoin trades at such high price levels.
Additionally, spot Bitcoin ETFs have recorded a three-day streak of net inflows totaling $1.84 billion. These investment vehicles have proved to be a key catalyst for BTC’s growth, with US-based ETFs alone contributing $29.4 billion in net inflows this year.Notably, sell-offs have not been as aggressive as previous instances, such as the March spike to $73K or the $70K retest in May. However, if profit-taking indicators show a sharp increase, a price correction may follow.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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