Bitcoin Whales Accumulate Amidst Trump's Crypto Order

Bitcoin (BTC) has been trading with muted volatility over the weekend, reflecting the subdued price movement observed throughout the week. Despite facing significant resistance around the $107,000 level and profit-taking from retail investors following Trump's pre-inauguration surge, bullish sentiment remains strong, supported by the ongoing accumulation of Bitcoin by whales in the past month.

On Saturday, analysts from CryptoQuant highlighted this development, noting that large investors have been driving Bitcoin price gains since the US election. Holdings grew from 16.2 million to 16.4 million BTC, while small investors reduced theirs from 1.75 million to 1.69 million. This trend is corroborated by on-chain data from Santiment, which reported that Bitcoin whales have been picking up steam, particularly following the US inauguration and the new all-time high of $109.3K.

On-chain data also shows that long-term Bitcoin holders are exerting minimal selling pressure. Only 18% of Bitcoin deposits on Binance come from long-term holders, indicating that seasoned investors are largely avoiding significant selling. This highlights a strong HODLing sentiment in the market despite the volatility. Furthermore, Binance's Coin Days Destroyed (CDD) metric is at its lowest level, suggesting minimal activity from older coins being spent or moved into exchanges, reinforcing the stability and patience of long-term holders.

US President Trump's recent crypto executive order has also sparked increased discussion about Bitcoin's role in the broader digital asset landscape. While the order rescinds prior regulations, it has stirred excitement about Bitcoin's regulatory future and its potential as a strategic reserve asset.

Analysts have weighed in on the asset's potential price movements. Ali Martinez suggests that Bitcoin could surge as high as $200,000 as it looks to complete the final phase of the Wyckoff pattern. On the other hand, Michael van de Poppe has suggested the possibility of a short-term correction, predicting that Bitcoin could dip to the $95,000-$97,000 range before resuming its upward trajectory.

At press time, Bitcoin was trading at $105,075, reflecting a 0.39% increase in the past 24 hours.