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- A Bitcoin whale accumulated $200M in BTC, adding 2,400 BTC to their holdings, signaling renewed confidence in the market.
- The whale strategically re-entered as BTC rebounded between $81K and $88K, moving funds from Binance to cold storage.
- Another dormant whale moved $250M in BTC after eight years, highlighting long-term holders’ growing activity.
Bitcoin whale has caused a stir in the cryptocurrency market, buying up a whopping $200 million in Bitcoin following months of strategic selling. The new purchase, noted by blockchain analytics company Arkham Intelligence, is a major change in the whale’s trading pattern as Bitcoin maintains its upward trend.
On March 24, the whale accumulated an additional 2,400 BTC, taking their total hoard to above 15,000 BTC, worth over $1.3 billion at present market rates. In spite of earlier sales in February, the recent accumulation reflects fresh confidence in Bitcoin’s long-term prospects.
Arkham Intelligence found that the whale began offloading Bitcoin earlier this year when the price of the asset fluctuated between $100,000 and $86,000. Bitcoin hit a high of over $104,000 on Feb. 1, per CoinGecko, before embarking on a steady decline to a low of $78,940 by Feb. 28. The whale, however, seemed to have perfectly timed its re-entry, resuming purchases as Bitcoin rebounded to trade between $81,000 and $88,000 in the past week.
“The $1 billion Bitcoin whale just withdrew $200 million of BTC from Binance this morning,” Arkham confirmed in an X post, signaling a substantial move from exchange wallets to cold storage a strong indication of long-term holding intentions.
Dormant Bitcoin whale moves $250M after 8 years
Meanwhile, another Bitcoin whale has resurfaced after years of dormancy, transferring over 3,000 BTC valued at approximately $250 million in a single transaction on March 22. Arkham noted that this particular wallet had held Bitcoin for over eight years, witnessing its valuation soar from a mere $3 million in early 2017 to today’s staggering quarter-billion-dollar figure.
Such whale activity suggests growing institutional and high-net-worth interest in Bitcoin as it stabilizes above key support levels, further fueling bullish sentiment in the market.
It’s not just individual whales making big moves. BlackRock, the world’s largest asset manager overseeing a colossal $11.6 trillion in assets, has also been actively expanding its BTC holdings. Data from Bitbo’s Bitcoin treasury tracker reveals that BlackRock accumulated an additional 4,054 BTC across 15 transactions last week, pushing its total Bitcoin holdings to an impressive 573,878 BTC valued at over $50 billion.
Additionally, BlackRock’s iShares Bitcoin Trust (IBIT) led the charge in the latest spot Bitcoin ETF rally in the U.S., reversing a five-week net outflow trend. The trust recorded a staggering net inflow of $744.4 million, with $537.5 million attributed to BlackRock’s iShares alone. Fidelity’s Wise Origin BTC Fund (FBTC) followed with a solid $136.5 million inflow.
Bitcoin and Ethereum Whales Signal Growing Interest in the Market
The accumulation trend isn’t exclusive to Bitcoin. According to Lookonchain, an Ethereum whale recently added 7,074 ETH to their portfolio on March 21, a purchase worth approximately $13.8 million. Despite ETH still trading over 57% below its all-time high of $4,878 in November 2021, the recent uptick in whale activity suggests a renewed institutional appetite for the second-largest cryptocurrency by market capitalization.
CoinGecko data shows that Ether has been fluctuating between $1,876 and $2,097 over the past week. Meanwhile, Ethereum’s open interest surged to a new all-time high on March 21, and the number of addresses holding at least $100,000 worth of ETH rose from 70,000 on March 10 to over 75,000 by March 22.
Related | IMF Recognizes Bitcoin as a Key Digital Asset in Global Financial Framework
