Rising whale activity sent Bitcoin above $98,000, but can BTC reach $100,000?

Bitcoin soared above $98,000 on Thursday and hit a new high as its market capitalization neared $2 trillion. Investor optimism surrounding Donald Trump’s presidential victory has fueled speculation that his leadership could lead to crypto-friendly policies, contributing to the surge. As a result, the leading cryptocurrency has gained more than 44% since the November 5 election, breaking record after record.

The increase in prices has been driven, in part, by significant hoarding activity observed among whale and shark portfolios.

Fewer large portfolios but heavier accumulation

In the past month, addresses with at least 10 BTC collectively acquired 56,397 BTC, valued at $5.43 billion, according to cryptoanalytics platform Santiment. This increase in holdings occurs despite a reduction in the number of these portfolios, with 1,256 less (-0.82%) than a month ago.

While fewer wallets hold more than 10 BTC, the remaining large ones are heavily stacked, concentrating more Bitcoin in a smaller number of high-value addresses. This indicates strong buying pressure from major market participants, which is often a positive sign for price sustainability.

A similar sentiment was echoed by IntoTheBlock in its analysis that revealed a consistent flow of funds into the largest Bitcoin wallets. Net outflows have been observed to remain minimal throughout the year despite Bitcoin trading at such high price levels. This continued accumulation of the major holders highlighted a strong belief in the asset’s long-term growth potential.

Meanwhile, QCP Capital reports aggressive demand for March and June call options this week, indicating strong investor optimism for Bitcoin’s performance in 2025.

Additionally, spot Bitcoin ETFs have posted a three-day streak of net inflows totaling $1.84 billion. These investment vehicles have proven to be a key catalyst for BTC’s growth, with US-based ETFs contributing $29.4 billion in net inflows this year.

Collect forward?

Bitcoin is just one step away from reaching the $100,000 milestone. While excitement builds around this potential achievement, Glassnode co-founders Jan Happel and Yann Allemann warned investors that crossing the six-figure threshold could result in significant profit-taking.

In particular, the selling has not been as aggressive as in previous instances, such as the March rally to $73,000 or the retest of $70,000 in May. However, if the profit-taking indicators show a sharp increase, a price correction may occur.

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