Sam Trabucco, a quant trader at Alameda Research, believes three general factors are pushing up the price of Bitcoin (BTC).
The catalysts are increasing adoption, whales, inflows from other products into Bitcoin and influence from other markets.
Alameda Research is a major cryptocurrency firm that trades between $600 million and $1.5 billion a day, trading a variety of cryptocurrencies and derivatives.
The weekly price chart of Bitcoin. Source: TradingView.com Overall accumulation and adoption are increasing
Throughout the past month, Cointelegraph has continued to report on the trend of whale accumulation.
Whale clusters form when whales buy Bitcoin and do not immediately sell. This typically indicates that whales bought BTC, sent them to their personal wallets, and have not moved their funds.
The accumulation of Bitcoin from whales possibly synergized with a profit-taking pullback in the altcoin market. Notably, when the decentralized finance (DeFi) market pulled back, Bitcoin continuously saw a significant rally.
Based on various trends and data points, Trabucco