- A major Bitcoin whale has added 2,400 BTC (approximately $200 million) to their holdings after previously selling over 11,400 BTC when prices were higher.
- Multiple significant Bitcoin holders are increasing their positions during the latest price rebound, including BlackRock‘s iShares Bitcoin Trust, which recorded $537.5 million in inflows.
- Another dormant Bitcoin wallet activated after eight years, moving 3,000 BTC ($250 million) that had appreciated from $3 million in early 2017.
Major Bitcoin holders are returning to accumulation mode as the cryptocurrency rebounds from recent lows. A significant whale investor withdrew $200 million worth of Bitcoin from Binance on March 24, adding 2,400 BTC to their already substantial position, according to blockchain analytics firm Arkham Intelligence.
The whale now controls approximately 15,000 Bitcoin valued at over $1.3 billion at current market prices. This purchase comes after a period of strategic selling when prices were considerably higher.
"A $1 billion Bitcoin Whale just withdrew $200 million of Bitcoin this morning from Binance," Arkham reported via X.
Data indicates the whale began rebuilding their position five days ago, following substantial sales during February when Bitcoin traded between $86,000 and $100,000. According to CoinGecko, Bitcoin reached over $104,000 on February 1 before declining to approximately $78,940 by month’s end.
The timing of these purchases aligns with Bitcoin’s recent recovery. The cryptocurrency has traded between $81,000 and $88,000 over the past week, showing a 3% price increase on March 24. This upward movement marks a significant improvement from its March 11 low of $76,900.
Dormant Whale Awakens After Eight Years
In a separate but equally notable development, another Bitcoin whale emerged from dormancy after eight years of inactivity. This investor moved over 3,000 Bitcoin (worth 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 noted.
Institutional Investors Join Accumulation Trend
BlackRock, the world’s largest asset manager overseeing roughly $11.6 trillion, has also been consistently acquiring more Bitcoin. According to Arkham, the financial giant purchased an additional 4,054 BTC across 15 transactions.
BlackRock’s total Bitcoin holdings now stand at 573,878 BTC, valued at over $50 billion, as tracked by Bitbo’s Bitcoin treasury tracker.
The asset manager’s iShares Bitcoin Trust (IBIT) led a resurgence of U.S. spot Bitcoin ETFs, breaking a five-week outflow streak with net inflows of $744.4 million. BlackRock’s IBIT accounted for $537.5 million of these inflows, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) contributed $136.5 million.
Ethereum Whales Also Accumulating
Bitcoin isn’t the only cryptocurrency seeing large-scale accumulation. Analytics platform Lookonchain identified an Ethereum whale who added 7,074 ETH (worth $13.8 million) to their holdings on March 21.
Ethereum has traded between $1,876 and $2,097 over the past week, according to CoinGecko. Despite remaining 57% below its November 2021 all-time high of $4,878, Ethereum’s open interest reached a new record on March 21. Additionally, addresses holding at least $100,000 worth of ETH increased from approximately 70,000 on March 10 to over 75,000 by March 22.
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