Two large Bitcoin investors, known as whales, have significantly increased their holdings following Donald Trump’s recent victory in the U.S. presidential election, signaling renewed confidence in risk assets like Bitcoin.
Trump’s election on Nov. 6 sparked immediate interest in Bitcoin, pushing it to a record high of $76,400. The day after his victory, one whale wallet, identified as “bc1qh,” purchased over $50.4 million in Bitcoin from Binance, according to data from Arkham Intelligence. Another whale, “bc1qa,” acquired $92 million worth of Bitcoin on Nov. 7, after starting its buying spree on Nov. 1 with a $52 million transaction. Altogether, these whales have amassed $142 million in Bitcoin since the election, reflecting growing demand and a positive outlook for Bitcoin’s price trajectory.
The increased buying activity began immediately following the Nov. 6 election, as Bitcoin surged past $75,000. Newly created whale addresses were seen acquiring and withdrawing over 1,806 Bitcoin, valued at $132 million, as of Nov. 6, as investor sentiment strengthened with the election results.
The whale transactions were primarily conducted on Binance, the world’s largest centralized exchange, according to crypto intelligence platform Lookonchain, which flagged the massive withdrawals and acquisition activity.
The optimism around Bitcoin appears to stem from Trump’s pro-crypto stance and a Republican Senate majority that many believe will favor innovation-friendly policies for the crypto sector. This perceived regulatory environment has led analysts to project significant gains for Bitcoin, with Bitget Research chief analyst Ryan Lee suggesting that BTC could reach $100,000 by year’s end, given the high stablecoin market cap and increased leverage.
Analysts believe the whales’ activity, alongside Trump’s victory, could fuel a sustained rally in Bitcoin’s price. Bitfinex analysts noted a rise in options market interest for end-of-year calls at an $80,000 strike price, pointing to a strong bullish setup for Bitcoin. Additionally, crypto industry leaders like Coinbase CEO Brian Armstrong and Tangem Wallet CTO Andrey Lazutkin predict that a Republican Senate could foster a more favorable regulatory landscape for crypto, potentially paving the way for innovations like the first staked Ether ETF. This regulatory outlook and strong whale buying indicate that the next leg of the Bitcoin bull market may be underway.
