Bitcoin whales are back in action.
One of the largest holders just bought over $200 million worth of Bitcoin, while another wallet moved coins for the first time in eight years. The activity comes as Bitcoin price rebounded over 4% in the last seven days, reaching between $81,000 and $88,000.
Whale Buys 2,400 BTC as Bitcoin Price Rebounds Over 4% in One Week
On March 24, a whale added 2,400 BTC to its wallet, worth over $200 million at current prices. According to blockchain analytics firm Arkham Intelligence, the whale previously sold 11,400 BTC during Bitcoin’s price decline in February — when BTC dropped from over $104,000 to below $79,000. Now, the same whale is buying again.
This indicates the whale believes Bitcoin has stabilized or is poised for further growth. When large, experienced holders re-enter the market after a dip, it means that they are confident about the asset’s near-term direction.
After the latest purchase, the whale’s wallet now holds more than 15,000 BTC, with a total value of over $1.3 billion.
Arkham also reported that the latest Bitcoin buy was withdrawn from Binance crypto exchange, indicating the whale is moving assets to long-term storage.
Whales and Institutions Bet Big on Bitcoin Recovery
Another whale holding BTC since 2016 moved its funds for the first time in over eight years.
On March 22, the wallet transferred more than 3,000 BTC — worth about $250 million — in a single transaction. Arkham noted that this address held the same Bitcoin since 2017, when it was valued at just $3 million.
Such dormant wallet activity is rare and often indicates that long-term holders are reevaluating their strategies during a period of rising prices.
Apart from whale interest, institutional interest is also growing in Bitcoin. BlackRock, one of the largest asset managers with $11.6 trillion in assets under management, has added 4,054 BTC over the past week. This brings BlackRock’s total Bitcoin holdings to 573,878 BTC, valued at more than $50 billion.
BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), led a turnaround in the U.S. spot Bitcoin ETF market. After five weeks of net outflows, the ETF saw $744.4 million in net inflows last week. Of that amount, $537.5 million came from IBIT alone. This was followed by $136.5 million from Fidelity’s Wise Origin Bitcoin Fund (FBTC).
Ethereum Whale Joins the Accumulation Trend
Large crypto holders are not just buying Bitcoin. On March 21, an Ethereum whale bought 7,074 ETH, worth about $13.8 million.
In the past week, Ether traded between $1,876 and $2,097. However, it remains over 57% below its all-time high of $4,878, which was reached in November 2021.
Despite this, Ethereum is showing signs of growing investor interest. On March 21, Ether open interest — the total number of futures contracts — hit a new record high of 10.23 million ETH. Additionally, the number of wallet addresses holding at least $100,000 in Ether increased from about 70,000 on March 10 to over 75,000 on March 22. For now, the trend is pointing toward accumulation period.