Bitcoin, the leading cryptocurrency by market cap, targets a six-figure Christmas gift to enthusiasts spurred by dip-buying whales.
After a scare last week, the premier asset reclaimed $99,000 on Christmas Eve. For context, Bitcoin previously dumped to $92,000 last week, recording its worst week since Donald Trump’s re-election.
Meanwhile, Bitcoin has recovered sharply, catalyzing a broader market uptrend. The pioneering cryptocurrency neared $100,000 yesterday, raising optimism that it would reclaim the six-figure price mark on Christmas Day.
Dip-Buying Whales Spearheads Rebound
Data from market intelligence platform Santiment shows that dip-accumulating whales were forerunners of the latest rebound. The tweet disclosed the number in each Bitcoin holder category and how surging acquisitions among whales have spearheaded the rebound.
Santiment’s data shows that:
- 50.17 million wallet addresses hold between 0 and 0.1 bitcoins.
- 4.31 million addresses hold 0.1 to 10 bitcoins.
- 150,130 wallets hold between 10 BTC and 1,000 BTC.
- 2,050 addresses hold 1,000 bitcoins and above.
Meanwhile, Santiment attributed the recent rebound to the growing accumulation of wallets stacking between 10 and 1,000 bitcoins. The intelligence platform noted that this category of whale addresses has increasingly bought Bitcoin, sparking a price resurgence close to $100,000.
Whale Accumulation to Sustain Price Uptrend
Notably, Santiment suggested that the price uptrend could spill into next year if whales in two categories keep increasing. While acknowledging that the whales holding at least 10 BTC accumulated Bitcoin massively this year, it noted that a repeat in 2025 will sustain the price upside.
The crypto market saw increased acquisitions amid growing adoption. Inflows from Bitcoin spot exchange-traded funds (ETFs) and incessant buy-ins from corporate companies as a strategic reserve asset have contributed to the surging number of Bitcoin whale wallets.
Meanwhile, analysts expect more adoption upsides. They insist that the conducive environment from a Donald Trump-led administration would attract more institutions to Bitcoin.
In the meantime, the premier asset trades at $98,001 with a current market cap of $1.94 trillion.
