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Bitcoin Surges To $106K: Whales, Miner Activity, And ETF Inflows Shape The Market
Bitcoin has reached a historic milestone, exceeding $106,000 for the first time. This surge has been accompanied by significant investor activity, particularly across key price levels between $96,000 and $100,000, where substantial accumulation has taken place.
A notable concentration of investor interest occurred between $97,000 and $98,000, with around 500,000 BTC held at this level. Additionally, a significant cluster was observed at $99,300, involving nearly 63,000 BTC, which formed the last major support zone before Bitcoin crossed the $100,000 mark. Above this point, supply clusters are thinner but demand remains robust.
The $101,000-$102,000 range witnessed almost 200,000 BTC accumulation, with a substantial amount of 60,000 BTC centered at $101,330. In a similar manner, $102,800 stands out as it represents an area where nearly 37,000 BTC were accumulated, demonstrating ongoing buying interest even at these elevated levels.
Interestingly, Bitcoin whales – wallets holding substantial amounts of BTC – have surged since Donald Trump’s presidential election victory, indicating renewed confidence in the cryptocurrency. This trend is notable, as their previous activity has been closely tied to market movements.
However, historical patterns suggest caution. Long-term holders frequently sell near market tops, as observed during significant price drops during the 2017 and 2021 bull runs, immediately before the final price surge. Some analysts believe we may be on the cusp of a similar pattern emerging.
Miner activity also plays a crucial role in shaping the market. Over the past year, miners collectively shed around 4.74% of their collective BTC balance, dropping from 1.99 million to 1.9 million BTC. This steady selling appears driven by operational cost management rather than panic. Miners seem to be offloading steadily but not in large quantities, which implies they are likely selling to cover operational expenses.
Furthermore, Bitcoin spot ETFs recorded net inflows of $2.17 billion from December 9 to December 13. BlackRock’s IBIT ETF led the charge with a staggering $1.51 billion in inflows, followed closely by Fidelity’s FBTC ETF with $598 million.
As Bitcoin consolidates above $106,000, these factors – whale activity, miner behavior, and institutional inflows – continue to propel its trajectory, sparking speculation regarding whether this marks the start of a market top or simply another milestone on the way up.
Source: nulltx.com
