BTC Surges 2.49% to $120,200 Amid Whale Accumulation, UK Bitcoin Sale, and Institutional Inflows

Bitcoin (BTC/USDT) has experienced notable volatility in the past 24 hours, with its price rising by 2.49% to $120,200 on Binance. The price increase is attributed to several key factors: significant accumulation by large investors and whales, heightened trading activity following news of the UK government’s plan to sell approximately $7 billion in seized Bitcoin, and institutional interest reflected in recent corporate treasury purchases and inflows into spot ETFs. Additional market drivers include Elon Musk’s SpaceX transferring over $150 million in BTC and ongoing discussions about potential policy changes and regulatory developments, such as the passage of major crypto bills in the U.S. House of Representatives.

Currently, Bitcoin is trading near its 24-hour high, with a robust trading volume and a market capitalization of approximately $2.38 trillion, maintaining its dominance at 59.13% of the total crypto market. The asset’s circulating supply stands at about 19.9 million BTC, and the 24-hour trading volume has increased significantly, reflecting strong market activity and sustained institutional engagement.