Cryptocurrency futures market data from exchanges like CME or Binance

Bitcoin Surges 40% in November, Nears $100K as Whales Accumulate $1.5B Post Trump Win

Nov 30, 2024, 02:01 AM

Bitcoin surged nearly 40% in November, edging closer to the $100,000 mark, following the re-election of Donald Trump as President of the United States. The cryptocurrency reached an intraday high of $98,722, marking its best monthly performance since February. Institutional demand is driving the market, leading to an initial $1 trillion jump in the crypto market after Trump's victory on November 5. Bitcoin futures open interest increased over 50% in the past five weeks, rising from $39 billion to $60.9 billion on November 29. Whales accumulated 16,000 BTC worth approximately $1.5 billion during a recent dip to $90,742, signaling confidence among large investors. While institutional players and whales are increasing their holdings, retail traders remain cautious, with some moving assets to exchanges and Binance users taking quick profits. ETF cash inflows are contributing to the surge, and analysts suggest there is no correction risk in sight, with the organic build-up of leverage potentially propelling Bitcoin past the $100,000 barrier.