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 whales—wallets holding substantial amounts of BTC—have surged since Donald Trump’s 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 million—a 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. BlackRock’s IBIT ETF led with $1.51 billion in inflows, followed by Fidelity’s 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 factors—whale activity, miner behavior, and institutional inflows—continue 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: igorigorevich/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/bitcoin-surges-to-106k-whales-miner-activity-and-etf-inflows-shape-the-market/