Amid Trump's remarks, whale wallets surge as Bitcoin hits a record $106.5K.

After 16 years of growth, Bitcoin reached a new all-time high of $106.5K, a historic milestone. There was a major contributing cause to the nearly 200% increase in value of the top cryptocurrency in the world this year.

Whale wallet activity has increased to an all-time high as per the most recent data. Whales Support the Record of Bitcoin

Since the bull run started on October 10th, the number of addresses that hold at least 100 Bitcoin has been increased to 17,644 from 16,062. That is a net gain of 1,582 wallets, which denotes a strong growth of around 9.9 percent in nine weeks.

This increase in the accumulation of whales has been correlated with a 77% jump in the price of Bitcoin, according to a Santiment study released on Monday. This underlines how much correlation exists between asset upward velocity and the increased confidence of large holders.

The latest Bitcoin rally was sparked by President-elect Donald Trump when he said he would make a strategic reserve of US Bitcoin, which would be similar to the country's oil reserves.

Excitement in bulls of cryptos was fueled by the statement, which fueled the record-breaking run. According to several industry observers, Bitcoin entered into "Santa Claus mode" since there is a spurt of purchases as investors try to increase their allocation to the asset class out of fear of missing out. Santa Claus Rally of Bitcoin

Bitcoin has surged by over 50% since the election of November 5, where Trump and several other pro-crypto candidates emerged as winners.

Although December is considered a classic bullish month for the commodity, the cryptocurrency market behaved erratically during the popularly known "Santa Claus Rally" - gains during the last five trading days of the year plus the first two days in January. Bitcoin had both seven pre-Christmas and five post-Christmas rallies between 2014 and 2023, seeing gains of between 0.20% and 13.19 percent before Christmas, and 0.33% to 10.86 percent after.

However, it remains rather volatile; for instance, in 2017 following the post-ICO market drop, Bitcoin dropped to 21.30% before Christmas. However, according to CoinGecko's data, December averages returns of 9.48% in general.

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