A major Bitcoin whale has added $200 million worth of BTC to their holdings following months of selling, coinciding with a price rebound for the world's largest cryptocurrency, according to blockchain analytics firm Arkham Intelligence.
<u>What to Know:</u>
- A Bitcoin investor holding over $1.3 billion in Bitcoin purchased 2,400 Bitcoin on March 24
- Another dormant Bitcoin account holding $250 million reactivated after eight years
- BlackRock has accumulated over 4,000 additional Bitcoin, bringing its total holdings to approximately $50 billion
The investor withdrew $200 million worth of Bitcoin from Binance on March 24, blockchain analytics firm Arkham Intelligence reported on social media. This purchase of 2,400 Bitcoin follows several months during which the investor sold more than 11,400 Bitcoin.
Data from Arkham Intelligence shows that despite some sales in February, the investor now holds more than 15,000 Bitcoin valued at over $1.3 billion at current market rates. The accumulation began five days ago after substantial selling when Bitcoin's price ranged between $86,000 and $100,000 in February.
"A $1 billion Bitcoin Whale just withdrew $200 million of Bitcoin this morning from Binance," Arkham stated in their post.
According to CoinGecko data, Bitcoin reached over $104,000 on February 1 before steadily declining to approximately $78,940 by February 28. This significant investor's recent purchases align with Bitcoin's price recovery over the past week.
Bitcoin has traded between $81,000 and $88,000 during the last seven days, showing a 3% price increase on March 24. The cryptocurrency has been rebounding from its recent low of $76,900 recorded on March 11.
Dormant Accounts and Institutional Investment
Simultaneously, another major Bitcoin holder reactivated after eight years of inactivity. This investor moved over 3,000 Bitcoin, valued at approximately $250 million, in a single transaction on March 22.
"His Bitcoin stack went from $3M in early 2017 to over $250M today — and he's held Bitcoin on one address for over 8 years," Arkham Intelligence reported.
BlackRock, the world's largest asset manager overseeing approximately $11.6 trillion, has also increased its Bitcoin holdings over the past week. According to Arkham data, the firm purchased an additional 4,054 Bitcoin through 15 separate transactions.
These acquisitions bring BlackRock's total Bitcoin holdings to 573,878, worth over $50 billion according to Bitbo's Bitcoin treasury tracker. The company's iShares Bitcoin Trust (IBIT) led a resurgence among spot Bitcoin exchange-traded funds in the United States, ending a five-week streak of net outflows by recording $744.4 million in net inflows.
BlackRock's iShares accounted for $537.5 million of these inflows, while Fidelity's Wise Origin Bitcoin Fund (FBTC) contributed $136.5 million. The positive trend represents a significant shift in institutional investment patterns following weeks of outflows.
Cryptocurrency accumulation extended beyond Bitcoin. Blockchain analytics platform Lookonchain, using Arkham data, identified an Ethereum investor who added 7,074 Ether worth $13.8 million on March 21.
Ethereum has fluctuated between $1,876 and $2,097 over the past week, according to CoinGecko. Despite remaining 57% below its all-time high of $4,878 from November 2021, Ethereum's open interest reached a new record on March 21. Additionally, addresses holding at least $100,000 in Ethereum have increased from approximately 70,000 on March 10 to over 75,000 by March 22.
Conclusion
Major cryptocurrency investors have resumed accumulating digital assets following recent market volatility. The return of large-scale Bitcoin purchases by individual and institutional investors, including BlackRock, alongside the reactivation of dormant accounts, suggests renewed confidence in the cryptocurrency market despite prices remaining below recent peaks.