Large Bitcoin investors in particular, or “whales,” are hoarding the cryptocurrency in strong anticipation of former President Donald Trump’s victory. These whales accumulated assets totaling $132 million by purchasing more than 1,806 Bitcoins through 11 new crypto wallets.

These significant Bitcoin withdrawals were made from a major centralized exchange like Binance and were highlighted by crypto intelligence platform Lookonchain in a Nov.

With the prediction that Trump will win the presidential elections held on November 5, the election day, interest in risky assets began to increase. In particular, sources such as The Hill and Decision Desk HQ declared the victory of Trump, who won in critical states such as Pennsylvania, North Carolina and Georgia.

While investor sentiment increased with this important development, Bitcoin reached a new historical peak, exceeding the $ 75,000 level on November 6. Investors continue to accumulate Bitcoin based on early results indicating Trump’s lead in the election.

Analysts believe that high volatility in the Bitcoin price is expected following the election results, but this is necessary to trigger the next upward wave in the bull market.

Bitfinex analysts also believe that a Republican presidential victory could trigger a strong rise in Bitcoin. Analysts expect Bitcoin to reach $80,000 by the end of 2024.

Notably, options market structure supports this prediction; Analysts stated that open positions in options for the end of the year increased. In particular, call options with an expiration date of December 27 and a strike price of $80,000 are among the main focus areas for investors.

This positioning shows how strong the expectation of a Republican victory has had on the crypto market. Bitcoin broke through a psychological resistance level of $70,000, turning this level into support. This contributes to analysts predicting a positive market outlook for Bitcoin.

The expectation of Trump’s victory and the interest this expectation creates in the crypto asset market is also seen in the Crypto Fear and Greed Index. According to Alternative.me data, the index remained above 70, signaling “greed”.

This index is used to measure investor sentiment in the crypto market as a multi-factor indicator. The index began rising shortly after Trump took the lead on decentralized betting platform Polymarket, and broke out of the “fear” level on October 11, indicating increased investor interest.

While polymarket rates turned in favor of Trump on October 4, this change was interpreted as a sharp turn following the downward trend in September. According to Cointelegraph’s report, on October 12, Trump took the lead in the betting market by more than 10 points over his opponent.

The growing expectation of a Republican victory has increased investors’ interest in crypto assets. Market expectations brought about by Trump’s presidential victory indicate that the prices of Bitcoin and other cryptocurrencies may gain significant value in the coming period.