Bitcoin whale: A $200 million purchase and a resurgence in the cryptocurrency market

Bitcoin whale: A $200 million purchase and a resurgence in the cryptocurrency market

The cryptocurrency world is having an exciting time as the massive Bitcoin Whale re-enters the scene. After several months of selling more than 11,400 BTC, the wallet recently added 2,400 Bitcoins worth over $200 million to its portfolio. The move coincides with the recent price recovery of the most famous cryptocurrency on the market.

According to an analysis by blockchain company Arkham Intelligence, this significant acquisition was made on March 24. Whale now holds over 15,000 BTC, which at current prices is worth over $1.3 billion. Arkham said that Whale, which has a $1 billion Bitcoin portfolio, just withdrew $200 million in BTC from the Binance exchange yesterday.

The beginning of this acquisition strategy came five days ago, when Whale sold its BTC at a time when Bitcoin's price was between $86,000 and $100,000. In February, Bitcoin's value hovered above $104,000, but by the end of the month it had fallen to an all-time low of $78,940. In recent days, however, the price has stabilised again, hovering between $81,000 and $88,000.

Awakening of another bitcoin whale after 8 years

While one whale is shopping, another has woken up after eight years of sleep. On March 22, it moved more than 3,000 Bitcoins, the equivalent of roughly $250 million. This address, which has held Bitcoin motionless for more than 8 years, has now increased the value of its portfolio from $3 million to more than $250 million.

Other major players in the market include BlackRock, the world's largest asset manager with approximately $11.6 trillion under management. Arkham says it has also been accumulating Bitcoin in recent weeks, buying an additional 4,054 BTC in 15 transactions, bringing its total to 573,878 Bitcoins, equivalent to over $50 billion in value.

BlackRock has also spearheaded a rally in US Bitcoin exchange traded funds (ETFs), with the iShares Bitcoin Trust (IBIT) breaking a five-week streak of outflows to record a net inflow of $744.4 million. Most of this inflow came from the iShares fund, which raised $537.5 million, followed by Fidelity's Wise Origin Bitcoin Fund with inflows of $136.5 million.

Conclusion

The bitcoin market is currently in a period of dynamic development. Whales coming to life and making massive purchases indicate strong interest and confidence in the future of this cryptocurrency. The resurgence in the price of Bitcoin may just be the beginning of the next upswing in this fascinating market.

*This is not an investment recommendation.

Coingarage team