Crypto News

Bitcoin’s Big Week: Election, FOMC Meeting, And Strong Signs Of A Bull Market

As the market faces one of its most volatile weeks—amid the U.S. election and the Federal Open Market Committee (FOMC) meeting—Bitcoin appears primed for a lasting rally.

Historically, major bull runs have followed post-election periods, and analysts are optimistic about Bitcoin’s potential, forecasting it could hit $100,000 by year’s end, regardless of whether Trump or Harris secures the presidency.

Long-term Bitcoin holders (LTHs) recently sold 177,617 BTC over the past week. Such activity is often seen as a contrarian signal; LTHs typically buy during market dips and reduce holdings during price rallies.

This behavior mirrors patterns observed during previous bull markets in 2018, 2021, and early 2024, suggesting that despite LTH sales, broader demand remains resilient.

Whale Continues Accumulating Bitcoin

Demand for Bitcoin yield-generating options, like staking, is also rising, with over 15% of all Wrapped Bitcoin now staked. Meanwhile, whales continue to accumulate, viewing recent price levels as attractive entry points. Since November 1, five major Bitcoin addresses collectively acquired 2,780 BTC, valued at around $192.4 million.

Notable addresses include “1DL34f,” which withdrew 880 BTC (roughly $61.18 million) from Binance at a price of $69,519, now holding over 1,381 BTC. Similarly, address “bc1qw0” added 615 BTC, while “bc1qay” secured 550 BTC at $70,328, all indicating that major players are bullish.

Adding further optimism, Bitcoin spot ETFs reported an inflow of $2.228 billion between October 28 and November 1, marking the third-highest weekly inflow on record. BlackRock’s ETF, $IBIT, led the surge, drawing $2.15 billion and underscoring investor interest in Bitcoin.

As Bitcoin’s price hovers near the $70,000 mark, this week’s events could set the stage for a substantial upward trend. With both institutional and whale interest at a high, Bitcoin’s rally may well be poised for more gains.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: zoomteam/123RF// Image Effects by Colorcinch

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