Crypto Giants on the Move: $200M Bitcoin Whale Buy Sparks Rally

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 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, adding fuel to market optimism.

Over $1.3 Billion in Bitcoin Holdings

Despite its earlier sales in February, this Bitcoin whale now holds over 15,000 BTC, with a current value surpassing $1.3 billion. Arkham confirmed this move, stating, “A $1 billion Bitcoin Whale just withdrew $200 million of Bitcoin this morning from Binance.” The whale started reacquiring Bitcoin just five days ago, after previously cashing out when Bitcoin’s price fluctuated between $100,000 and $86,000. This whale is making well-timed, calculated decisions based on price movements.

Bitcoin Prices Surge as Whales Wake Up

Bitcoin’s price action has been impressive lately. According to CoinGecko data, Bitcoin has been trading between $81,000 and $88,000 over the past week, with a noticeable price surge of 3% on March 24. The rebound is significant when the price hit a low of $76,900 on March 11. Interestingly, 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. Arkham noted, “His Bitcoin stack went from $3M in early 2017 to over $250M today.” This adds to the narrative of long-term believers finally cashing in or repositioning amid bullish momentum.

BlackRock Joins the Bitcoin Accumulation Game

Not just individual whales, but even institutional giants like BlackRock are getting in on the action. BlackRock, managing a staggering $11.6 trillion in assets, 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.

Not Just Bitcoin, Ethereum Whales Making Moves Too

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.