Bitcoin whales employ ‘wait-and-see strategy’ as price hovers at $96K
Bitcoin whales are currently holding their positions as Bitcoin trades just below $100,000. A significant inflow of Bitcoin into exchanges has been observed since Donald Trump's election win, indicating potential future sell-offs, though immediate selling pressure is absent. The Adjusted Spent Output Profit Ratio (aSOPR) does not show significant profit-taking activity. Bitcoin's dominance has decreased by 5.54% since November 28, suggesting a possible rotation into other crypto assets. As of now, Bitcoin is priced at $95,809, with long-term holders seeing an average profit of approximately 3,800%. Traders express skepticism about Bitcoin reaching $100,000 by the end of 2024, with some predicting it may face ups and downs before potentially hitting $110,000.
