The upcoming U.S. election and potential pro-crypto policy shifts are generating increased interest in Bitcoin, following historical trends of price rises in post-halving years.

A recent report by CryptoQuant indicates that institutional demand for Bitcoin has surged to unprecedented levels in 2024, largely driven by large 'whale' accounts.

In the last 24 hours, Bitcoin's price surged by 4%, reaching $71,396 and peaking at $71,675, with its market cap surpassing $1.4 trillion and a notable trading volume increase of 110% to $47 billion.

According to CEO Ki Young Ju, institutional self-custodial wallets now hold twice as much Bitcoin as retail wallets, indicating a significant uptick in interest from major financial entities.

Among the prominent players, BlackRock's iShares Bitcoin Trust holds the largest allocation, while Millennium Management and Goldman Sachs have also significantly increased their BTC holdings via ETFs.

Bitcoin's appeal as a reliable investment is reflected in the nearly 19,000 BTC held by Millennium Management through Bitcoin ETFs, leading U.S. institutions in this space.

The popularity of Bitcoin ETFs continues to grow, with U.S.-traded spot Bitcoin ETFs currently holding around 193,000 BTC, valued at over $13 billion, which constitutes about 20% of the total Bitcoin in such funds.

Analysts are noting a potential resistance level at $72,500, fueled by rising institutional inflows and positive macroeconomic factors that contribute to optimism about Bitcoin's future performance.

Over the past year, whale accounts have seen a net inflow of 670,000 BTC, while retail investors have contributed to 80% of the total inflows of approximately 278,000 BTC since January 2024.

Recently, Japanese investment firm Metaplanet boosted its Bitcoin holdings by 156.7 BTC, bringing its total to over 1,018 BTC, valued at more than $70 million.

Data reveals that approximately 40% of Bitcoin's supply is now held in whale accounts, highlighting the increasing influence of institutional players in the market.