Bitcoin whales have added 34K BTC since December: analyst

Large bitcoin holders are back to buying large amounts of the cryptocurrency after the price dove in late 2024, according to a Blocktrends analyst.

More than 34,000 Bitcoin (BTC), currently $3.2 billion, “has been accumulated by institutional investors, providing buying pressure for the current recovery in Bitcoin,” Blocktrends head of research Cauê Oliveira wrote in a January 8 CryptoQuant post.

Olivera explained that the purchase came after the wallet, which holds between 1,000 and 10,000 BTC, dropped 79,000 BTC in the week after December 21 – days after the US Federal Reserve's interest rate peaked above $108,000, generating a 15% correction.

He added that “big players took advantage of the consolidation” and large trades divided into several small orders and began to accumulate bitcoins at a price below 95,000 dollars.

Bitcoin is trading around $94,900, down 2.3% on the day, as US jobs and economic data ended hopes of further interest rate cuts at the end of January.

In a Jan. 6 market note, Bitfinex analysts noted that sell-side liquidity in Bitcoin markets is “declining rapidly,” and that the worst downward pressure on the price has passed.

Related: US Fed money printing could boost Bitcoin rally in Q1 2025 – Hayes

But analysts are predicting that Bitcoin could be set for a record rally this year, fueled by expected pro-crypto policies from incoming US President Donald Trump and nation-state adoption of Bitcoin.

Fidelity Digital Assets research analyst Matt Hogan wrote on January 7 that the firm expects “more nation-states, central banks, sovereign wealth funds and government treasuries will look to establish strategic positions in Bitcoin.”

Blockware analysts said late last month that the U.S. Bitcoin Reserve could push its price above $150,000 at worst, while at best the cryptocurrency could rise above $400,000.

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