Following the U.S. election results on November 6, which confirmed Donald Trump‘s re-election, two major Bitcoin investors—referred to as “whales” due to their sizable holdings—made significant Bitcoin purchases, reflecting increased investor interest in cryptocurrency. These two whales acquired a total of $142 million in BTC, pointing to a potential shift in the market’s outlook.
As investors absorbed the news of Trump’s win, Bitcoin surged to an all-time high, hitting $76,400. Notably, one whale with the address “bc1qh” bought over $50.4 million worth of Bitcoin from Binance, a leading cryptocurrency exchange, a day after the election. Meanwhile, another whale, address “bc1qa,” acquired more than $92 million in Bitcoin on November 7. Data reveals that “bc1qa” had just started purchasing Bitcoin in the days leading up to the election, beginning with a $52 million buy on November 1.
The actions of these Bitcoin whales are closely watched by traders and analysts, as large purchases like these often suggest upcoming price shifts. With Trump’s re-election, optimism around Bitcoin’s price trajectory has grown. Market analysts speculate that Bitcoin could surpass the $100,000 mark by the end of 2024. Bitget Research’s lead analyst, Ryan Lee, suggests that rising stablecoin market capitalizations, currently around $160 billion, may drive further leverage, pushing Bitcoin to reach this anticipated milestone.
In addition to the two whales, several other large investors made moves as election results began to come in. On November 6, crypto intelligence sources flagged that over 1,800 Bitcoin, valued at $132 million, were withdrawn from Binance across 11 new wallet addresses. This pre-election activity could suggest investor confidence in the outcome.
Options markets, too, reflect growing bullish sentiment. Bitcoin hit another record high above $75,000 as traders responded to early results. Some analysts believe that this market volatility is a necessary part of the next upward phase in Bitcoin’s cycle, with Bitfinex analysts projecting a rally to $80,000 before the end of 2024. This trend has been driven by a notable increase in interest in end-of-year options with an $80,000 strike price, a signal that investors expect further growth.
This political shift may also have regulatory implications. With Republicans now holding a majority in the Senate, industry leaders believe crypto policies could lean more favorable toward innovation, potentially paving the way for new crypto-friendly regulations. Brian Armstrong, CEO of Coinbase, referred to this Congress as the “most pro-crypto Congress ever.” Analysts anticipate this approach may allow U.S. crypto companies to operate with less friction, and new products like the first staked Ether ETF could see regulatory support in the years to come.
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