A Bitcoin whale recently withdrew 3,238 BTC (worth $284 million) from Binance, raising the total holdings to 15,986 BTC, worth $1.39 billion.
By Bhushan Akolkar
Updated
2 mins read
A major Bitcoin BTC $88 200 24h volatility: 0.1% Market cap: $1.75 T Vol. 24h: $24.94 B whale has drawn attention recently by withdrawing a total of 3,238 BTC, valued at $284 million, from the Binance crypto exchange in the last 24 hours. This transaction occurred at an average price of $87,800 per BTC.
During the crypto market rally last month in February, the BTC whale sold off a massive 12,287 BTC, worth $1.16 billion, at an average price of $94,300, reported Spot On Chain. However, the same whale started accumulating BTC again just five days before as BTC price hovered around $84,000. With this recent purchase, the whale’s holdings have increased to 15,986 BTC, valued at approximately $1.39 billion.
On the other hand, a dormant Bitcoin whale has woken up after 8 years moving over 3,000 BTC, worth a massive $250 million, in just one transaction last week on March 22.
Furthermore, inflows into spot Bitcoin ETFs are growing showing strong institutional accumulation with the world’s largest asset manager BlackRock scooping most of the supplies. BlackRock’s iShares Bitcoin Trust (IBIT) spearheaded a resurgence in Bitcoin ETFs, ending a five-week streak of net outflows with an impressive net inflow of $744.4 million.
Separately, in 15 separate transactions, the asset manager acquired an additional 4,054 Bitcoin, bringing its total holdings to 573,878 BTC, valued at over $50 billion, as per Bitbo’s Bitcoin treasury tracker.
Following a breakout above $84,000, BTC price is now eyeing for another breakout above $87,000. Bitcoin has achieved a key technical milestone, closing its weekly candle above the Kijun line, noted crypto analyst Titan of Crypto.
The next target for Bitcoin is the Tenkan line, currently positioned at $91,400. Market analysts are closely monitoring this level as momentum continues to build, suggesting further upward movement in the near term.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.