A major Bitcoin holder who sold at the February peak has returned, injecting $200 million into the market in a single day. According to blockchain analytics firm Arkham Intelligence, the whale began accumulating again five days ago and withdrew 2,400 Bitcoin from Binance on March 24. At current prices, the whale’s total holdings now exceed 15,000 Bitcoin, worth over $1.3 billion.
Arkham noted that this whale previously sold Bitcoin in February when prices ranged from $100,000 to $86,000. Data from CoinGecko shows Bitcoin peaked at $104,000 on February 1 before falling to a low of $78,940 on February 28.
Bitcoin’s price has since rebounded. Over the last seven days, it has traded between $81,000 and $88,000, rising more than 3 percent on March 24 alone. The resurgence follows a broader trend of accumulation by major holders.
Another long-dormant whale, inactive for over eight years, moved 3,000 Bitcoin—worth $250 million—on March 22, according to Arkham. Arkham on XBitcoin’s price has since rebounded. Over the last seven days, it has traded between $81,000 and $88,000, rising more than 3 percent on March 24 alone. The resurgence follows a broader trend of accumulation by major holders. Another long-dormant whale, inactive for over eight years, moved 3,000 Bitcoin—worth $250 million—on March 22, according to Arkham.
Institutional Buying Gains Momentum
Institutional players have been active as well. BlackRock has increased its Bitcoin holdings by 4,054 BTC over the past week, bringing its total to 573,878 Bitcoin, valued at over $50 billion. The company’s iShares Bitcoin Trust (IBIT) led the recent ETF inflows, adding $537.5 million. Fidelity’s FBTC followed with $136.5 million.
This surge ended a five-week streak of net outflows for spot Bitcoin ETFs. Total net inflows hit $744.4 million during the rally. However, ETF flows remain volatile. On March 21, net inflows totaled $83.1 million, but just days earlier on March 18, the market saw a net outflow of $209.1 million. Grayscale’s GBTC continues to post consistent redemptions, losing $21.9 million on March 21 alone.
Technical Analysts See Breakout Potential
Analysts on X flagged technical signals pointing to further gains. Titan of Crypto reported that Bitcoin had closed a weekly candle above the Kijun level, targeting the Tenkan line at $91,400. “Momentum is building,” Titan wrote.
Javon Marks echoed the bullish outlook. “The last breakout after similar action led into one of the most powerful and fastest bullish moves so far this entire cycle,” he stated. Marks forecasted another surge to all-time highs.
Veteran analyst Timothy Peterson provided a historical perspective. In a March 15 post, he said nearly all of Bitcoin’s annual gains tend to occur in April and October. On March 24, he reiterated that Bitcoin is still “tracking right along that lower bound.” According to Peterson, history shows a 75 percent chance of an upside move from this point and a 50 percent chance that Bitcoin could gain more than 50 percent in the short term.
