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Bitcoin whales withdraw $132M after Trump victory

Bitcoin whales withdraw $132M after Trump victory

Grafa2024/11/07 07:37
By: Mahathir Bayena
BTC-0.88%

Following Donald Trump’s victory in the 2024 U.S. presidential election, Bitcoin (CRYPTO:BTC) whales moved quickly to increase their holdings, anticipating favorable conditions for the cryptocurrency market under his leadership.

Trump secured the presidency with key wins in swing states, surpassing the required 270 electoral votes, while his opponent, Kamala Harris, earned 224 votes.

Trump, now set to serve a second term, has been vocal about his support for digital assets, which contributed to the market’s positive response.

Bitcoin's price surged to a record $75,000 as investors grew optimistic about Trump’s pro-crypto stance.

On-chain analytics tool Lookonchain reports that 11 new whale wallets were established on November 6 and that they jointly took out 1,807 BTC, or almost $132 million, from Binance in a single hour.

This significant withdrawal points to rising confidence among large investors as Trump prepares to return to office.

Trump’s campaign featured multiple promises to the crypto community.

He pledged to prevent the federal government from selling off its Bitcoin holdings, instead maintaining the stockpile obtained from financial crime seizures.

Speaking at the year’s largest Bitcoin conference, Trump reiterated his commitment to supporting the crypto market and outlined his intention to dismiss SEC Chairman Gary Gensler on his first day as president.

He also aimed to establish the U.S. as the global hub for Bitcoin mining by ensuring all BTC mining occurs domestically.

The 2024 election also drew attention to high-stakes betting on digital platforms like Polymarket.

Several prominent users, including “Theo4,” “Fredi9999,” and “zxgngl,” are projected to make millions from their successful wagers on Trump’s victory.

At the time of reporting, the Bitcoin price was $75,196.12.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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