Bitcoin whales are stepping up their accumulation efforts, purchasing an additional 20,000 BTC, valued at $2 billion, in the last 24 hours.
This increase in large-scale purchases reflects growing confidence among major holders in Bitcoin’s long-term prospects.
#Bitcoin Whale accumulation is going parabolic. They just bought another 20,000 $BTC in the last 24 hours, valued at 2 billion dollars! pic.twitter.com/jkbTPvr0rt
– Ali (@ali_charts) December 6, 2024
Historical patterns suggest that local Bitcoin price peaks often occur around the short-term holder’s cost basis, adjusted by +1 standard deviation. Currently, that level is set at $112,926, indicating an area of potential resistance if the trend continues.
Local #Bitcoin $BTC Highs are typically reached around the short-term holder’s cost basis +1 standard deviation. That level currently sits at $112,926! pic.twitter.com/qeLvtIcaX0
– Ali (@ali_charts) December 6, 2024
Institutional interest in Bitcoin also remains strong. Marathon Digital (@MARAHoldings) acquired another 1,300 BTC worth approximately $130.66 million in just seven hours. This move underlines the appetite among corporate entities to bolster their Bitcoin reserves.
Digital Marathon@MARAHholdings) acquired another 1,300 $BTC($130.66M) in the last 7 hours! pic.twitter.com/NFwT5huRfB
— Lookonchain (@lookonchain) December 7, 2024
Bitcoin spot market continues to rise
Despite some doubts in the futures market, the Bitcoin spot market has shown resilience in the face of price fluctuations. Holders appear unfazed and remain composed unless prices fall below the critical $89,000 mark. Analysts identify a support zone between $90,000 and $93,000, which could act as a stabilizing factor or even trigger a rebound.
The Bitcoin spot market remains strong in the face of price declines, with holders remaining calm unless prices fall below $89,000.
Meanwhile, demand for futures lags despite attractive funding rates.
A critical support zone between $90,000 and $93,000 may steady the ship or cause a… pic.twitter.com/XE0sGFoON7
—Kyledoops (@kyledoops) December 6, 2024
The momentum extends to Bitcoin spot ETFs, which recorded a net inflow of $377 million on December 6. This marks seven consecutive days of positive inflows, indicating solid demand among investors. BlackRock’s IBIT ETF contributed significantly, with an average daily inflow of $257 million, while Fidelity’s FBTC ETF added $120 million per day.
The Bitcoin Spot ETF had a total net inflow of $377 million on December 6 and continued to have a net inflow for 7 consecutive days. BlackRock ETF IBIT had a net inflow of $257 million per day, and Fidelity ETF FBTC had a net inflow of $120 million per day. pic.twitter.com/aeKNLzRPoy
– Wu Blockchain (@WuBlockchain) December 7, 2024
With a combination of whale accumulation, institutional activity, and strong ETF inflows, the outlook for the Bitcoin market appears increasingly optimistic. These developments suggest growing confidence in Bitcoin’s position as a leading digital asset, even amid a challenging economic landscape.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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