Bitcoin whales are adopting a ‘wait-and-see’ approach as the price remains close to $100,000, with significant inflows to exchanges observed since Donald Trump’s election win on Nov. 5. According to analyst Onat Tütüncüler, while the inflow typically indicates potential sell-offs, there is currently no immediate selling pressure, suggesting whales are not yet ready to act. The Adjusted Spent Output Profit Ratio (aSOPR) indicates that profit-taking activities aren’t prominent at this moment. Bitcoin is trading around $95,809, with long-term holders averaging a purchase price of $24,994, reflecting substantial profits. However, traders remain skeptical about Bitcoin reaching $100,000 by the end of 2024, with some analysts indicating prolonged downside trends. Insights from crypto trader Rekt Capital and Ramp Network’s Szymon Sypniewicz suggest that while a rise to $110,000 seems likely eventually, immediate volatility is anticipated as the market adjusts.

Source 🔗