Whales Drive Bitcoin's $100K Surge Despite Declining Spot Demand

Bitcoin's spot demand has been declining as whales lead the cryptocurrency's rally above $100,000. This shift in dynamics has been notable over the past nine months, since BlackRock first filed for a spot Bitcoin ETF. Large investors' Bitcoin holdings have been rising steadily since July 2024, with whales playing a significant role in driving the price surge.

Whales, or large investors, have been actively accumulating Bitcoin, contributing to the rally. Their increased buying activity has been a key factor in pushing the BTC price above the $100,000 milestone. This trend has been observed despite a decline in spot demand from retail investors and other market participants.

The influence of whales on Bitcoin's price movements has been evident in recent months. Their strategic buying and selling activities have impacted the market dynamics, leading to significant price fluctuations. As the cryptocurrency continues to gain traction, the role of whales in shaping the market is expected to remain prominent.

While Bitcoin's spot demand has been declining, the overall market sentiment remains bullish. The rally above $100,000 has been a significant milestone for the cryptocurrency, and investors are optimistic about its future prospects. As the market continues to evolve, the dynamics between whales, retail investors, and other market participants will likely continue to shift.