The crypto world has been buzzing with the news after a giant Bitcoin whale wallet created headlines by adding $200 million of Bitcoin to its wallet.
The crypto world is buzzing with the news of a giant Bitcoin whale wallet adding $200 million of Bitcoin to its wallet, making headlines in the industry.
The enormous purchase, disclosed by blockchain research firm Arkham Intelligence, was made on March 24, after the whale sold over 11,400 Bitcoin in the last few months. This strategic move aligns with Bitcoin's recent price rebound, further fueling market optimism.
Despite its earlier sales in February, this Bitcoin whale now holds over 15,000 BTC, with a current value surpassing $1.3 billion. Confirming this, Arkham stated, “A $1 billion Bitcoin Whale just withdrew $200 million of Bitcoin this morning from Binance.” The whale began acquiring Bitcoin again just five days ago, after previously cashing out when Bitcoin's price varied between $100,000 and $86,000. This whale is making well-timed, calculated decisions based on price movements.
Bitcoin's price action has been impressive. According to CoinGecko data, Bitcoin has been trading between $81,000 and $88,000 over the past week, with a notable price surge of 3% on March 24. The rebound is significant when considering the price hit a low of $76,900 on March 11.
Another dormant Bitcoin whale has also made a move after eight years of silence. On March 22, this whale transferred over 3,000 Bitcoins, valued at $250 million in a single transaction. As Arkham noted, “His Bitcoin stack went from $3M in early 2017 to over $250M today.” This narrative of long-term believers finally cashing in or repositioning amid bullish momentum is unfolding.
Not just individual whales, but even institutional giants like BlackRock are getting in on the action. Managing $11.6 trillion in assets, BlackRock has steadily accumulated more Bitcoin over the last week. Bitbo's Bitcoin treasury tracker data shows BlackRock purchased an additional 4,054 Bitcoin across 15 transactions. This brings their total BTC holdings to an incredible 573,878 coins, worth over $50 billion. Their iShares Bitcoin Trust (IBIT) also played a pivotal role in leading the spot Bitcoin ETF rally in the US. It snapped a five-week net outflow streak with net inflows of $744.4 million, with $537.5 million coming from BlackRock's iShares and $136.5 million from Fidelity's FBTC.
It’s not just Bitcoin that’s seeing whale activity. According to Lookonchain, which used Arkham data, an Ether whale added 7,074 ETH on March 21, worth around $13.8 million. The price of Ethereum has experienced fluctuations, between $1,876 and $2,097 during the past week.
Importantly, this represents a fall of over 57% from its historical high of $4,878 in November 2021. Secondly, open interest reached an all-time high on March 21, and the number of addresses with at least $100,000 worth of Ether increased from 70,000 on March 10 to over 75,000 by March 22. Hence, every cryptocurrency is trying its best to come out of the fluctuation phase and hit new heights. Market observers are keenly noticing the changes in the crypto market.
