Bitcoin whales are back in action as the cryptocurrency rebounds, with a surge in high-value transactions and long-dormant wallets springing to life.
Whale Snaps Up $200M in BTC After February Sell-Off
One major Bitcoin whale has re-entered the market, adding 2,400 BTC — valued at over $200 million — to their holdings on March 24, according to blockchain analytics firm Arkham Intelligence. This move comes after the whale sold more than 11,400 BTC earlier this year.
Despite the February sell-off, the whale’s wallet now holds over 15,000 BTC, worth approximately $1.3 billion at current prices.
“A $1 billion Bitcoin Whale just withdrew $200 million of Bitcoin this morning from Binance,” Arkham noted in a post on X.
The whale began buying again five days ago, right as Bitcoin rebounded from its February dip, when the cryptocurrency dropped from over $104,000 on February 1 to $78,940 by February 28, according to CoinGecko data.
Dormant Wallet Awakens After 8 Years
In another notable development, a long-inactive Bitcoin whale moved more than 3,000 BTC — valued at roughly $250 million — in a single transaction on March 22. Arkham Intelligence reported the wallet had held onto this stash since early 2017, when it was worth just $3 million.
“That’s over $247 million in unrealized gains, held in one address for more than eight years,” Arkham wrote.
BlackRock Keeps Buying, ETFs See Net Inflows
Institutional interest is rising too. BlackRock, the world’s largest asset manager with $11.6 trillion in assets, has quietly accumulated an additional 4,054 BTC over the past week across 15 transactions, bringing its total to 573,878 BTC — now worth more than $50 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) led a resurgence among spot Bitcoin ETFs in the U.S., snapping a five-week streak of net outflows. The fund pulled in $744.4 million in net inflows last week, including:
- $537.5 million from iShares Bitcoin Trust (IBIT)
- $136.5 million from Fidelity’s Wise Origin Bitcoin Fund (FBTC)
Ethereum Whales Join the Party
It’s not just Bitcoin that’s seeing action. Lookonchain reported that an Ether whale added 7,074 ETH — worth about $13.8 million — to their holdings on March 21. Ethereum has traded between $1,876 and $2,097 in the last seven days.
While ETH is still down over 57% from its all-time high of $4,878, open interest hit a new all-time high on March 21. The number of wallets holding at least $100,000 in ETH has also surged, rising from just over 70,000 on March 10 to over 75,000 by March 22.
With whales, institutions, and retail investors all diving back in, the crypto market appears to be gaining momentum once again.
