Bitcoin whales accumulate $132 million in the wake of Trump's victory

New Bitcoin whales, or investors holding substantial amounts of cryptocurrency, appear to be accumulating Bitcoin in anticipation of former President Donald Trump's victory in the 2024 elections.

These whales have purchased and withdrawn over 1806 BTC, valued at more than $132 million, through 11 newly created cryptocurrency wallets.

The withdrawal of funds from the world's largest centralized exchange (CEX) Binance was noted by the crypto analytics platform Lookonchain in a post on X dated November 6.


Whale wallets withdrew over $132 million in Bitcoin from Binance. Source: Lookonchain.

Investor enthusiasm for risky assets like Bitcoin is on the rise, buoyed by expectations that Trump will win the presidential election scheduled for November 5.

Various sources, including The Hill and Decision Desk HQ, have declared Trump as the winner after he secured key swing states such as Pennsylvania, North Carolina, and Georgia, which he lost in 2020.

Analysts suggest Bitcoin could reach $80,000 after the elections

On November 6, reflecting growing investor sentiment, Bitcoin hit a new all-time high of over $75,000 as traders continued to accumulate cryptocurrency based on preliminary election results indicating Trump's lead.


BTC/USD, 1-day chart. Source: Cointelegraph

While greater price volatility is widely predicted post-election, some analysts believe that this is necessary for the next upward move in the bullish cycle.

Interestingly, Bitfinex analysts forecast Bitcoin rising to $80,000 by the end of 2024, driven by the options market structure and the anticipated success of Republicans in the presidential election.

"The options market positioning indicates that in recent weeks, year-end options have seen a significant increase in open interest in call options. The December 27 expiry and call options with an $80,000 strike price were areas of primary interest," Bitfinex stated.


Daily BTC volume during the US elections. Source: Standard Chartered Research, Bitfinex.

In addition to their optimistic forecast, Bitcoin has successfully converted the crucial psychological level of $70,000 into support, which had previously served as a major barrier to long-term price growth.

Market sentiment in the cryptocurrency sector remains in the "greed" zone

Demonstrating a heightened appetite for crypto assets due to the potential Republican victory, the cryptocurrency fear and greed index consistently remained above 70, indicating "greed," based on data from alternative.me.


Cryptocurrency fear and greed index. Source: alternative.me

This index is a multifactor indicator of market sentiments in the cryptocurrency space. It began to rise from 32, or "fear," on October 11, shortly after Trump took the lead in the major decentralized betting market Polymarket.

The Polymarket odds shifted in Trump's favor on October 4, marking a sharp reversal from September. By October 12, Trump was leading by over 10 points.