After Donald Trump’s victory in the U.S. presidential election, two large Bitcoin holders made substantial investments in the cryptocurrency. Trump, declared the winner on November 6, will begin his second term on January 20, 2025. His victory sparked increased interest in risk assets like Bitcoin, which reached a new high of $76,400 shortly after the election.
Following Trump’s win, one unidentified whale with wallet ID “bc1qh” purchased $50.4 million worth of Bitcoin through Binance, the largest centralized crypto exchange, according to Arkham Intelligence data. Another whale, associated with wallet ID “bc1qa,” invested over $92 million in Bitcoin on November 7. This whale began its Bitcoin buying spree the week before the election, starting with a $52 million purchase on November 1.
The $142 million investment by these two whales signals the rising interest in Bitcoin. Large purchases by whales can heavily influence cryptocurrency prices, and traders often monitor such movements for insights into potential short-term price shifts.
Market experts are optimistic about Bitcoin’s price potential under Trump’s presidency. Ryan Lee, chief analyst at Bitget Research, believes Bitcoin could exceed $100,000 by the end of 2024. He notes that the current stablecoin market cap of around $160 billion could provide added leverage, potentially driving Bitcoin’s price higher within the next few months.
Summary Review: Following Donald Trump’s re-election, two major Bitcoin investors, often referred to as “whales,” have collectively invested $142 million in Bitcoin. Their activity highlights a rising demand for Bitcoin as Trump’s win stirs interest in the crypto market.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
