Two Bitcoin Whales Accumulate Over $140 Million in BTC Corrects Slightly After New ATH
2024-11-08

Two massive Bitcoin BTCUSDT whales have accumulated over $140 million worth of the flagship cryptocurrency from leading crypto trading platform Binance, after BTC’s price saw a slight correction from a new all-time high.
According to data shared by on-chain analytics firm Spot On Chain, one whale withdrew 1,225 BTC worth around $92.2 million at $75,200, and now holds a total of 1,775 BTC worth $133 million, while sitting on an unrealized profit of $2.56 million.
The second whale withdrew 671.74 BTC from the leading cryptocurrency exchange at around $75,080, to have over $50 million on their wallet.
Bitcoin is at the time of writing trading at $76,000 after seeing a new all-time high near the $77,000 mark and enduring a slight correction. The cryptocurrency price is rising after Republican candidate Donald Trump won the U.S. presidential elections.
A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector, meaning the regulatory outlook could improve through the reduction of regulatory ambiguity and the appointment of more crypto-friendly officials to key positions, for example.
Bitcoin’s price, however, has been known to rally after U.S. presidential elections, having seen 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.
BTC’s price rise has helped spot Bitcoin exchange-traded funds (ETFs) see record daily inflwos of $1.38 billion. BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), accounted for about 81% of the total inflows, bringing in $1.11 billion in net inflows, far above the runner-up, the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw $190 million inflows.
The Ark 21 Shares Bitcoin ETF (ARKB) came in third place, with $17.6 million inflows. No spot Bitcoin ETF saw outflows on November 7. Data shows that in total, spot Bitcoin ETF’s cumulative flows are now at $25.57 billion.
Featured image via Pixabay.