Amidst the crypto market volatility, major investors are actively accumulating Bitcoin. Today, the cryptocurrency's price has significantly increased.
Large Bitcoin Purchases and Sales
Recently, it was reported that a major investor withdrew 3,238 BTC, equivalent to $284 million, from Binance at an average price of $87,800. Previously, this investor sold 12,287 BTC at $94,300 in February and returned to buying five days ago when Bitcoin was around $84,600.
Current Bitcoin Price
At the time of writing, Bitcoin is trading above $87,000, having recovered from a drop below $86,000 yesterday.
Factors Supporting the Price
Among the factors supporting the current Bitcoin price are continued institutional investment in BTC through ETFs, increased global adoption of Bitcoin, including BlackRock's initiatives in Europe, new tariff proposals from the US, the expected appointment of new SEC Chair Paul Atkins, and potential US government purchases of BTC funded by selling gold reserves.
The actions of major investors and macroeconomic factors continue to impact Bitcoin's price, sustaining optimism in the crypto market.
