The crypto market has marked gains in the last 24 hours in Bitcoin, altcoins, and meme tokens. Whale and institutional traders’ activity has impacted the market, raising sentiments to new levels not seen in months. Although a cross-section of bears downplays recent highs, bulls fix their gaze on new price targets.

Whale Holdings Hit All-Time High

Bitcoin whale holdings have hit an all-time high marking a bullish signal for long-term growth. On-chain data from analytics firm CryptoQuant shows whales have amassed a total of 670,000 BTC and are at a positive value. Historically, whale activity has rallied the price of tokens upwards as buying pressure soars.

This was recorded months before the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). This high accumulation by miners and traditional firms took the asset to a $73K price before recent levels. Analysts opine that prices at a positive value might see assets trade sideways in this accumulation phase. 

“The real surge in Bitcoin growth begins after whales gradually reduce their holdings until they reach negative percentage change values. Finally, if the all-time price high between the US presidential elections and November 28 (+/- 21 days) is not updated, this will indicate severe problems with the current bull cycle, and things will get ugly.”

Similarly, data shows that the Bitcoin whale exchange ratio has stood at its highest value since November 2022 as users look to the long term. Crypto bulls have also transferred assets from centralized exchanges while miners look to grow their reserves.

Bitcoin Price Expected to Rally

Several market executives have projected an upward price movement for the market leader. Whale activities drive the direction of other traders due to the volume of transactions. As whales increase momentum, retail traders will follow the same direction, leading to widespread global adoption. 

Bitcoin price exchanges hands at $67,425, a 0.38% growth in the last 24 hours, taking up altcoins and attracting momentum to meme tokens. Decentralized finance (DeFi) has also recorded inflows with increased activity. Generally, crypto bulls point to the US elections and the needed regulatory clarity it will usher into the space. For years, the United States has operated a regulation-by-enforcement approach, which has led to the SEC filing several lawsuits against crypto firms and executives.