New Wallets Bag $145M In BTC Signaling Strong Rally Ahead

In recent Bitcoin news, the soaring interest from BTC whales, especially the fresh wallets, has caught the eyes of the crypto market participants. According to recent reports, fresh wallets have accumulated $145 million in Bitcoin recently, bolstering market confidence over an ongoing rally to extend. In addition, on-chain data also hints towards the growing appeal of the flagship crypto among investors.

Bitcoin News: Speculations Soar Amid Whales’ Buying Spree

The crypto market enthusiasts are keeping a close track of the latest Bitcoin news, especially after the BTC hit a new ATH recently after Donald Trump’s election victory. The Republican win in the US Presidential race has sparked hopes over a clear crypto regulatory environment in the US, which in turn could benefit the broader digital assets space.

Amid the soaring optimism, a recent report from the leading on-chain analytics platform Lookonchain highlights the soaring interest of the crypto market enthusiasts towards the leading crypto. The report showed that “10 fresh wallets” have accumulated 1,910 BTC, worth around $145 million, from one of the top crypto exchanges, Binance, since yesterday.

This buying trend also indicates the growing appeal of the crypto towards investors, paving the way for further rally. Besides, the news also comes amid a flurry of positive market trends, that also echo a similar sentiment.

For context, the US Spot Bitcoin ETF recorded more than $1 billion inflow on November 7, the highest since its launch in January, Farside Investors data showed. Notably, BlackRock BTC ETF leads the influx, alone witnessing a fund flow of $1.11 billion. This suggests the soaring institutional interest in the crypto, which can extend the ongoing rally in the broader digital assets space.

Is BTC Price Poised For A Rally?

The recent trends and Bitcoin news hints that BTC is not likely to stop at its current level, with many market experts sharing bold forecasts for its price. For context, in a recent analysis, prominent crypto market figure Ali Martinez predicts BTC to hit $85,360 if it holds above the crucial support of $71,489.

Notably, BTC price today was up around 1.6% to $76,037.04 during writing, after touching an ATH of $76,943.12 in the last 24 hours. Besides, CoinGlass data showed that Bitcoin Futures Open Interest rose about 1.7% in a 24-hour time-frame, indicating strong market confidence towards the crypto.

Meanwhile, amid this, Ali Martinez also highlighted a crucial trend, that resonates with the positive market sentiment. In a recent X post, Martinez said that more than 24,000 BTC has been moved out from the crypto exchanges recently, valued at around $1.80 billion.

Additionally, a recent Bitcoin price prediction indicates that the crypto is likely to soar past the $88,000 mark in November, sparking market interest. However, despite the positive trends, investors should stay cautious as the ongoing pump can also trigger sharp volatility in the market. For context, many investors book profit when the prices go up significantly in the short term.

Besides, the upcoming US CPI and PPI inflation data are also likely to shape the market sentiment ahead. Despite that, many remain optimistic about Bitcoin’s future trajectory, especially with Donald Trump’s increasing support for BTC and digital assets space.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.