Bitcoin (BTC) Well-Positioned Regardless of Election Outcome, Alex Fazel of Swissborg Says

Alex Fazel, Chief Partnership Officer at Swissborg, sees Bitcoin BTC/USD well-positioned, regardless of the outcome of this week's presidential election.

Alex Fazel, Chief Partnership Officer at Swissborg, believes that the outcome of this week’s presidential election will not largely impact Bitcoin (CRYPTO: BTC).

According to Fazel, a Trump win might provide crypto with a stronger boost, but even with a Harris triumph, the sector would probably perform well, albeit with slower growth.

Zooming out to analyze the historical performance of Bitcoin after elections, the analyst noted a 2,320% year-over-year return for Bitcoin following Obama’s 2012 victory, a 950% increase after Trump’s 2016 win and a 370% rise after Biden’s 2020 triumph.

Santiment data shows Bitcoin whale activity declining: On-chain analytics firm Santiment highlighted on Monday that Bitcoin whale activity has declined over the past week.

This signals that major holders are waiting to see how the broader market reacts to election results.

While this does not immediately signal bearish price action to follow, cautious whale traders may be waiting for smaller market participants to react to a catalyst like the election.

“This activity is being closely monitored by on-chain analysts, as whale traders are known for their ability to heavily influence price movements in the cryptocurrency market,” the firm noted.

With this week being headlined by the US announcing the results of a particularly polarizing election (to say the least), crypto traders are "expecting the unexpected."

This is particularly true with Bitcoin's whales, which have been showing declining amounts of transfers… pic.twitter.com/nvhVAb5jAP

What's Next: The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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