Investing.com — Bitcoin soared to an all-time high Sunday night on signs of increased whale trading, and the crypto market also welcomed MicroStrategy's addition to the Nasdaq 100.
By 6:27 p.m. ET (11:27 p.m. Japan time), the stock had risen 3.9% to a record high of $105,120.9.
On-chain data showed a series of large transactions by large Bitcoin holders over the weekend. These holders, known as whales, have been seen moving hundreds of millions of Bitcoins from exchanges to personal wallets.
XAccount's Whale Alert, which tracks major crypto transactions, reveals that at least 27,000 Bitcoins, worth a total of $2.8 billion, were moved from major crypto exchanges such as Bybit and Binance over the weekend. did.
Such a move indicates that the supply of Bitcoin on public exchanges is limited and is accompanied by an increase in the price of the cryptocurrency.
Bitcoin was also boosted by optimism over the addition of MicroStrategy, Inc. (NASDAQ:), the world's largest corporate holder of the cryptocurrency, to Bitcoin. MicroStrategy, which is primarily considered a proxy for Bitcoin, has soared more than 400% so far in 2024 as its valuation skyrocketed and it was added to the index.
The stock is scheduled to be added to the index on Dec. 23, and could see further gains as exchange-traded funds (ETFs) look to add exposure to the stock.
