Bitcoin Breaks $65,000 as Whales Flock to Accumulate

Bitcoin (BTC) regained its footing above $65,000 on Monday, briefly touching an intraday high of $67,210, its highest level since June. The catalyst for this rally was US President Donald Trump's announcement of progress in Middle East negotiations.

The news sparked a broader market response, with oil prices falling by about 5% as fears of supply disruption eased, and risk assets rallying. Cryptocurrency markets quickly followed suit, with total crypto market capitalization rising over 2% to around $2.24 trillion within 24 hours.

On-chain data provided further confirmation of the rally's momentum, showing that large holders have shifted from selling to accumulation. Analyst Woominkyu noted that selling pressure from long-term holders has effectively ended, with more than 11,400 BTC worth about $700 million withdrawn from exchanges and moved into cold storage.

Strategy, a company led by Michael Saylor, also announced the purchase of 1,587 BTC between June 8 and June 14 for roughly $100 million at an average price of $63,024 per coin. This brings its total holdings to 846,842 BTC, valued at about $56.6 billion, representing roughly 4% of Bitcoin's total supply.