Bitcoin Surges To $106K: Whales, Miner Activity, And ETF Inflows Shape The Market
Bitcoin has reached a historic milestone, surpassing $106,000 for the first time.
This rally has been marked by strong investor activity, particularly across key price levels between $96,000 and $100,000, where significant accumulation has occurred.
#Bitcoin has hit a new all-time high above $106K. Let's break down how investor cost bases were distributed leading up to this milestone, using Glassnode's new CBD tool https://t.co/ScRktOi0tk pic.twitter.com/n5IrQOe8M8
glassnode (@glassnode) December 16, 2024
The most notable accumulation cluster was between $97,000 and $98,000, with investors holding approximately 500,000 BTC. At $99,300, nearly 63,000 BTC were concentrated, forming the last major support zone before Bitcoin crossed the $100,000 mark.
Above $100,000, supply clusters are thinner, but demand remains robust. The $101,000$102,000 range saw nearly 200,000 BTC accumulated, with 60,000 BTC focused at $101,330. Similarly, $102,800 stands out with 37,000 BTC, reflecting sustained buying interest even at these higher levels.
Interestingly, Bitcoin whaleswallets holding substantial amounts of BTChave surged since Donald Trumps presidential election victory, indicating renewed confidence in the cryptocurrency.
The number of #Bitcoin $BTC whales on the network went parabolic ever since @realDonaldTrump won the US presidential elections! pic.twitter.com/8KPg6nndD3
Ali (@ali_charts) December 15, 2024
However, historical trends suggest caution. Long-term holders often sell near market tops, as seen in the major sell-offs during the 2017 and 2021 bull runs, just before the final price spike. Some analysts believe we may be on the verge of a similar pattern.
Long-term #Bitcoin $BTC holders often sell near market tops. Interestingly, in 2017 and 2021, their biggest sell-offs occurred right before the final leg up.
Could we be on the verge of a similar pattern? Is this the start of a market top? pic.twitter.com/3L0cFoNebs
Ali (@ali_charts) December 16, 2024
Meanwhile, miner activity adds another dimension to the market. Over the past year, miners collective BTC balance dropped from 1.99 million to 1.9 milliona 4.74% decline. This steady selling appears driven by operational cost management rather than panic.
Over the past year, the miner balance dropped from 1.99 million BTC to 1.9 million BTC, a 4.74% decrease.
Miners are offloading steadily, but not in large amounts. This suggests they are likely selling to cover operational costs. pic.twitter.com/22ClcgjbH5
Maartunn (@JA_Maartun) December 15, 2024
Adding further momentum, Bitcoin spot ETFs recorded net inflows of $2.17 billion from December 9 to December 13. BlackRocks IBIT ETF led with $1.51 billion in inflows, followed by Fidelitys FBTC ETF with $598 million.
From December 9 to December 13, Bitcoin spot ETFs had a net inflow of $2.17 billion last week, with net inflows for five consecutive trading days. BlackRock ETF IBIT had a weekly net inflow of $1.51 billion, and Fidelity ETF FBTC had a weekly net inflow of $598 million. pic.twitter.com/TEzgzvcYgg
Wu Blockchain (@WuBlockchain) December 16, 2024
As Bitcoin consolidates above $106,000, these factorswhale activity, miner behavior, and institutional inflowscontinue to shape its trajectory, fueling speculation about whether this marks the start of a market top or just another milestone on the way up.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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