Growing Whale Activity Sent Bitcoin Above $98K but Can BTC Reach $100K?

Bitcoin skyrocketed above $98,000 on Thursday, hitting a new peak as its market cap neared $2 trillion. Investor optimism surrounding Donald Trump’s presidential win has sparked speculation that his leadership could lead to crypto-friendly policies, which has contributed to the surge. As a result, the leading cryptocurrency has gained over 44% since the November 5 election, breaking record after record.

The price increase has been fueled, in part, by significant accumulation activity observed among whale and shark wallets.

Fewer Large Wallets But Heavier Accumulation

Over the past month, addresses holding at least 10 BTC collectively acquired 56,397 BTC, valued at $5.43 billion, according to crypto analytic platform Santiment. This rise in holdings comes despite a reduction in the number of these wallets, with 1,256 fewer (-0.82%) compared to a month ago.

While fewer wallets hold 10+ BTC, the remaining large ones are accumulating heavily, concentrating more Bitcoin in a smaller number of high-value addresses. This indicates strong buying pressure from key market participants, which is often a positive signal for price sustainability.

A similar sentiment was echoed by IntoTheBlock in its analysis which revealed a consistent flow of funds into Bitcoin’s largest wallets. Net outflows were observed to have remained minimal throughout the year, even as Bitcoin trades at such high price levels. This continued accumulation by large holders highlighted a strong conviction in the asset’s long-term growth potential.

Meanwhile, QCP Capital reports aggressive demand for March and June Call options this week, signaling strong investor optimism for Bitcoin’s performance in 2025.

Additionally, spot Bitcoin ETFs have recorded a three-day streak of net inflows totaling $1.84 billion. These investment vehicles have proved to be a key catalyst for BTC’s growth, with US-based ETFs alone contributing $29.4 billion in net inflows this year.

Pullback Ahead?

Bitcoin is just a step away from hitting the $100k milestone. While excitement builds around this potential achievement, Glassnode co-founders Jan Happel and Yann Allemann cautioned investors that crossing the six-figure threshold could trigger significant profit-taking.

Notably, sell-offs have not been as aggressive as previous instances, such as the March spike to $73K or the $70K retest in May. However, if profit-taking indicators show a sharp increase, a price correction may follow.