JAKARTA - Bitcoin (BTC) still does not show the exact direction of price movements. Even so, there is an interesting signal from the behavior of the big players, or commonly called whales.
According to a Coinspeaker report last week, spot-based exchange-trained funds (ETF) of Bitcoin in the United States experienced an increase in cash flow for more than a week after previously being dominated by profit-taking. This indicates that institutional investors are likely preparing to welcome a new Bitcoin rally in the near future.
Not only that, CryptoQuant's on-chain data analysis shows the aggressive accumulation carried out by Bitcoin whales over the past year. This is further strengthened by an average Bitcoin of 30 DMA ( Moving Average) at a funding level that is in the positive zone. Currently, the funding level is around 0.006, with the highest record this year reaching 0.03.
The data is further strengthened by the lack of Bitcoin supply on the centralized exchange, which has been at its lowest point in recent years. This is proof that more and more long-term investors are interested in this "digital gold".
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In addition to fundamental factors, high fiat currency inflation and ongoing global geopolitical conflicts have contributed to the adoption of crypto assets. Interestingly, the general election of the United States in November is predicted to be the first crypto-oriented election.
Republican presidential candidate Donald Trump last weekend pledged to fully support crypto assets, as well as free Silk Road founder Ross Ulbricht if he was elected. Trump also promised not to allow the Federal Reserve to create a Central Bank Digital Currency (CBDC). These promises make him popular among crypto voters whose number is estimated to reach more than 50 million people in the United States.
With the aggressive accumulation of whales, the inclusion of institutional funds, and positive sentiment related to general elections, the price of Bitcoin has the potential to spike again. However, various external factors and regulatory uncertainty are still a shadow that needs to be watched out for. Investors are expected to remain cautious in investing and always do in-depth research before making decisions.
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