Key Points
- Bitcoin (BTC) price surges above $98K, possibly signaling a fresh bull run.
- Altcoins, led by key investors, are seeing an increase in crypto cash rotation.
The price of Bitcoin (BTC) has seen a significant rise, reaching slightly above $98K on Tuesday, February 11, 2024, after establishing a solid support level of around $96.4K in the past week. This increase, nearly 2 percent in the last two days, suggests the possibility of a fresh bull run beyond $109K in the near future.
The price of Bitcoin has been in a discovery phase since the re-election of US President Donald Trump as part of the 2024/2025 crypto bull cycle. From a technical standpoint, the Bitcoin price appears to be on the brink of an exciting phase of the macro bull rally, similar to the outlook in February 2021.
Whale Activities Impact on Bitcoin Price
The price of Bitcoin has greatly benefited from increased demand from institutional investors and potentially nation-states in the future. Strategy (NASDAQ: MSTR) has resumed its Bitcoin accumulation after a one-week pause, acquiring approximately 7,633 BTCs in the past week.
Metaplanet announced plans on Monday to raise ¥4 billion through a bond offering to accumulate more Bitcoins. On-chain data analysis from Cryptoquant reveals that the supply of Bitcoin on Over-the-Counter (OTC) has dropped from around 480k coins in September 2024 to about 146k units today.
Meanwhile, the supply of Bitcoin on centralized exchanges has surged by around 31k coins in the past 30 days to about 2.22 million. This recent increase in BTC supply on CEXes could be largely attributed to the cash outflows from the US spot BTC ETFs.
Altseason Begins
As Bitcoin price signals the start of bullish sentiment, the altcoin industry, led by layer one (L1) coins such as Ethereum (ETH), Cardano, and Toncoin, follows the same trend. The improving regulatory landscape for digital assets in the United States has attracted more institutional investors.
For instance, Binance and the US SEC filed a joint motion to pause the case for 60 days. Additionally, Grayscale Investments filed with the US SEC to list a spot Cardano ETF on the NYSE.
With most of the altcoins still heavily undervalued against their respective Bitcoin pairs, more whale investors have been betting on an imminent altcoin rally ahead.
