Bitcoin Aims for $40,000 with Tether Whale Support

The price of Bitcoin surpassed the $38,300 mark for the first time in 18 months as demand for BTC steadily increased. Catalysts such as anticipation of the U.S. financial regulatory authority approving the physically settled Bitcoin ETF and growing demand from Tether whales could potentially push the BTC price even higher. Among the contributors to Bitcoin's rise to $38,300, prominent Tether whales have emerged. Based on data from the cryptocurrency information tracking tool Santiment, the top 100 Tether addresses have added an additional $1.67 billion to their holdings in the past six months. As the buying power of these stablecoin whales increases, the likelihood of Bitcoin reaching $40,000 also rises. To establish the correlation between Tether whales and the Bitcoin price surge, Santiment highlights the reduction in holdings of USDT tokens by whales over two weeks, coinciding with BTC rising to $38,300. Tether whales have utilized their stablecoin to accumulate Bitcoin and drive demand for the largest cryptocurrency.

During the Bitcoin price decline in August, stablecoin whales accumulated BTC tokens. The current trend for Bitcoin has been upward since November 2022, with the price of BTC at $37,795 on Binance after a recent pullback from the local peak of $38,380. Bitcoin is targeting the $40,000 mark, representing an almost 6% increase from the current level.