Bitcoin Exceeds $44,000 as Whale Accumulation Indicates Further Surge

Bitcoin has surged over $44,000 for the first time since January 12, the day after spot ETF debuts, marking a new all-time high in US equity indices.

The largest and oldest crypto by market value rose from $42,700 earlier in the day to as much as $44,300, its highest price since January 12. Bitcoin’s 2.5% advance over the past 24 hours is pacing the CoinDesk 20’s 1.6% gain over the same time frame. Ether is among other upside movers, ahead 2.3%. Cardano has a 0.4% decline.

Analysts pointed out earlier this week that increased selling by miners could have been a reason why BTC prices were pressured recently. However, an opposite dynamic today may have overwhelmed sellers.

Bitcoin whales, large investors, increased their asset accumulation. The number of bitcoin wallets holding over 1,000 tokens (roughly $44 million) rose to a multi-month high of 73.

Continuing advances for US stock markets likely supported risk assets like crypto, with the S&P 500 closing at a record high just shy of the 5,000 level, The Dow Jones Industrial Average was just a few ticks from its all-time high, and the tech-heavy Nasdaq Composite continued to close in on its record.

Concerns about the health of regional bank New York Community Bancorp (NYCB) appeared to ease, with shares erasing big early day losses and closing higher by 6.7%.

Ethereum’s ether gain took it above $2,400 for the first time in two weeks on rejuvenated spot ETF optimism.