Bitcoin Hits All-Time High Over $105k Due to Whale Trading and Nasdaq Recognition

Bitcoin soared to a new all-time high of over $105,000 amid rising whale transactions and MicroStrategy Inc.'s inclusion in the Nasdaq.

On Monday (Dec. 16), the world's largest cryptocurrency, Bitcoin, once jumped to $106,493 in Asia, surpassing its Dec. 5 high. At press time, Bitcoin rises 2.69%.

Big Bitcoin holders, also known as “whales”, moved massive bitcoins from exchanges to private wallets over the weekend. Whale Alert, an X-account that tracks big crypto trades, showed that $2.8 billion worth of bitcoin was transferred out of cryptocurrency exchanges like Bybit and Binance over the weekend. This transfer indicates a limited supply of Bitcoin on public exchanges, reflecting rising crypto prices.

Additionally, Bitcoin growth was boosted by market optimism that was elevated because MicroStrategy (NASDAQ: MSTR), the world's largest company holding cryptocurrency, was included in the NASDAQ 100 Index. MicroStrategy which conducts a proxy trade for bitcoin has soared over 400% so far. Its soaring valuation makes it eligible to join the index. The stock is set to join the index on Dec. 23 and could rise further as exchange-traded funds increase their exposure to the stock.

Despite the extended gain, Tony Sycamore, IG Australia Pty Market Analyst, analyzed that a pullback could be imminent because Bitcoin's recent rise has slowed.