Bitcoin News Today: Bitcoin Surges Past $120,000 on 0.93% Rally Driven by Whale Activity and ETF Inflows

Bitcoin’s price surged past $120,000 on Wednesday, marking a 0.93% increase driven by large-scale whale activity and continued investments from exchange-traded funds (ETFs). The rally coincided with significant withdrawals from Kraken by whale investors, who moved $920 million worth of Bitcoin from the platform, signaling heightened market confidence and bullish sentiment. The move added liquidity to the market, amplifying trading activity and reinforcing institutional trust in the asset class.

The price breakthrough aligns with broader ETF accumulation, which has been a consistent driver of Bitcoin’s upward trajectory. Whale transactions and ETF allocations have become pivotal in shaping short-term price dynamics, with market participants noting a correlation between large-holder behavior and sustained price increases. Peter Schiff, a prominent financial commentator, highlighted the trend on social media, urging Ethereum holders to consider reallocating to Bitcoin. “Ethereum holders should rotate into Bitcoin instead,” Schiff tweeted, emphasizing Bitcoin’s dominance as a store of value amid growing institutional adoption.

The surge also overlaps with the U.S. Congress’s ongoing “Crypto Week,” a period of heightened legislative focus on digital assets. While no major regulatory announcements have been made yet, the timing has fueled speculation about potential policy clarity that could further bolster market confidence. Analysts suggest that whale activity and ETF inflows are likely to remain key factors in Bitcoin’s performance, particularly as institutional investors continue to navigate the evolving regulatory landscape.

Historically, whale movements have coincided with significant price rallies, and the current trajectory appears to follow this pattern. The liquidation of large positions, such as the recent $29.68 million sale of 250 BTC by a whale who has offloaded 1,000 BTC over eight months, underscores the balance between profit-taking and long-term confidence in Bitcoin’s value proposition. While such activity could introduce short-term volatility, the overall market remains resilient, supported by sustained ETF inflows and a strengthening macroeconomic environment.

Looking ahead, analysts predict continued momentum for Bitcoin, contingent on the interplay between whale activity and institutional demand. The potential regulatory outcomes from ongoing legislative discussions may further stabilize the market, though immediate price fluctuations remain possible. Market participants are closely monitoring on-chain metrics, including exchange inflows and large-holder behavior, to gauge the sustainability of the current rally. As Bitcoin consolidates near key levels, its ability to maintain support above $115,000 suggests underlying demand remains robust, reinforcing the asset’s trajectory toward further gains.