Investing.com– Bitcoin hit a record high Sunday night amid signs of increased whale trading, while crypto markets also cheered MicroStrategy's addition to the Nasdaq 100.
It jumped 3.9% to an all-time high of $105,120.9 at 6:27 p.m. (CET) (23:27 GMT).
On-chain data showed a rush of major transactions by large Bitcoin holders over the weekend. These holders, known as whales, were seen moving hundreds of millions of Bitcoin from exchanges to private wallets.
The X Whale Alert account, which tracks major crypto transactions, showed that at least 27,000 Bitcoins, worth a total of $2.8 billion, had been withdrawn from major crypto exchanges such as Bybit and Binance over the weekend.
Such a move points to a limited supply of Bitcoin on public exchanges, implying a higher price for the cryptocurrency.
Bitcoin was also boosted by optimism over MicroStrategy Incorporated (NASDAQ:), the world's largest corporate cryptocurrency holder, joining the . MicroStrategy, which is largely considered a proxy Bitcoin trade, is up more than 400% so far in 2024, and its valuation increase makes it eligible to be added to the index.
The stock will be added to the index starting December 23 and could see further gains as exchange-traded funds move to add exposure to the stock.
