Massive Bitcoin Whale Adds $200M in BTC as Another Awakens After 8 Years of Dormancy

Bitcoin whales appear to be on the move, making significant moves amid Bitcoin's recent price rebound. Over the past week, Bitcoin has gained more than 4%, trading between $81,000 and $88,000, a recovery from its low of $76,900 on March 11. This price surge has sparked a series of whale movements, with large holders of Bitcoin making noteworthy buys and transfers.

$200M Bitcoin Purchase by Whale

A massive Bitcoin whale has just added 2,400 Bitcoin—worth over $200 million—to its wallet on March 24, according to blockchain analytics firm Arkham Intelligence. This transaction follows a period of selling for the whale, which had previously offloaded more than 11,400 Bitcoin in the months prior. Despite these sales, the whale now holds over 15,000 Bitcoin, valued at more than $1.3 billion at current prices.

Arkham Intelligence shared that this whale withdrew the $200 million worth of Bitcoin from Binance on March 24. The whale had started accumulating Bitcoin five days before the purchase, after a series of sales earlier this year when the cryptocurrency was trading between $100,000 and $86,000. As of February 1, Bitcoin was priced above $104,000 but gradually declined to a low of $78,940 by February 28. The whale's recent purchase marks a confident return to Bitcoin accumulation as the price rebounds.

A Bitcoin Whale Awakens After Eight Years

In an intriguing turn of events, another Bitcoin whale has "woken up" after being dormant for eight years, transferring over 3,000 Bitcoin—worth approximately $250 million—in a single transaction on March 22. According to Arkham Intelligence, the whale’s Bitcoin stash had grown from just $3 million in early 2017 to an impressive $250 million today. The fact that this wallet has remained untouched for such a long period has drawn attention, as it indicates the whale has held onto its Bitcoin through a number of market cycles.

BlackRock's Bitcoin Accumulation

In addition to individual whales, institutional players have also been actively increasing their Bitcoin holdings. BlackRock, the world’s largest asset manager, with over $11.6 trillion in assets under management, has been accumulating Bitcoin steadily over the past week. Arkham Intelligence reports that BlackRock bought an additional 4,054 Bitcoin across 15 transactions, bringing its total holdings to 573,878 Bitcoin, valued at over $50 billion. This move is in line with the firm’s growing interest in cryptocurrency.

BlackRock's iShares Bitcoin Trust (IBIT) also led a rally among spot Bitcoin exchange-traded funds (ETFs) in the U.S. In a reversal of a five-week net outflow streak, IBIT recorded a $744.4 million net inflow, with $537.5 million of that coming from BlackRock’s contributions. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $136.5 million in inflows, demonstrating institutional confidence in Bitcoin as an asset class.

Other Notable Crypto Movements

Bitcoin whales are not the only major players making moves. Data from Lookonchain and Arkham Intelligence also highlighted the activities of an Ether whale, who added 7,074 Ether (ETH) to its stash on March 21, worth around $13.8 million. Over the past seven days, Ether has been trading between $1,876 and $2,097, a significant drop from its all-time high of $4,878 in November 2021.

Despite its price decline, Ether has seen increased interest, with its open interest surging to an all-time high on March 21. Moreover, the number of addresses holding at least $100,000 worth of Ether has also been on the rise, increasing from just over 70,000 addresses on March 10 to over 75,000 addresses by March 22.

A Market in Motion

The movements of Bitcoin whales and institutional players like BlackRock are helping to shape the ongoing market dynamics for both Bitcoin and other cryptocurrencies like Ether. As Bitcoin's price continues to rebound and the market sees increased interest from both large investors and smaller holders, the landscape for crypto continues to evolve rapidly. For now, Bitcoin whales remain pivotal players, influencing the broader cryptocurrency market with their significant transactions.

For further insights on cryptocurrency movements and whale activity, visit the following sources:

• Arkham Intelligence's Whale Tracking

• CoinGecko’s Bitcoin Price Tracker

• Lookonchain’s Crypto Analytics