Bitcoin Whales Make Major Moves: $200 Million BTC Purchase and the Return of Dormant Whales
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Bitcoin, the most popular cryptocurrency, has been undergoing a significant recovery recently. Clear evidence of this is the large movements from Bitcoin whales, who are accumulating more BTC. Recently, a massive Bitcoin wallet added $200 million worth of Bitcoin, marking a strong return of whales to the market. At the same time, another whale has awakened after 8 years of inactivity and executed a major transaction. Let’s dive into these developments and examine how they are impacting Bitcoin's price in the article below.
On March 24, a Bitcoin whale added 2,400 BTC to their stash, worth over $200 million. This happened after the wallet had sold over 11,400 BTC in recent months. This move comes at the time when Bitcoin is showing signs of a strong recovery, with the price of Bitcoin rising over 4% in the last 7 days. After this purchase, the wallet now holds over 15,000 BTC, valued at more than $1.3 billion, indicating that Bitcoin whales are not only selling but also seizing opportunities to buy when prices drop, preparing for the next growth phase of Bitcoin.
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Another Bitcoin whale has awoken after 8 years of inactivity and made a major transaction, moving more than 3,000 BTC, worth $250 million, on March 22. Notably, this whale has kept Bitcoin in a single address for the past 8 years without making any changes. This event shows that a significant investor is re-entering the market and could be preparing for major changes, potentially impacting the market trends.
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Not only whales, but also large financial institutions are entering the Bitcoin market. BlackRock, the world’s largest asset manager, has been continuously buying more Bitcoin, bringing its total Bitcoin holdings to over 573,000 BTC. Additionally, BlackRock’s iShares Bitcoin Trust (IBIT) has helped boost the recovery of Bitcoin ETFs in the U.S., with a net inflow of $744 million.
The increase in Bitcoin accumulation by whales, along with the participation of Bitcoin ETFs, shows a robust recovery for the cryptocurrency market. If this trend continues, Bitcoin may maintain its growth momentum, providing significant opportunities for investors.
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