Key Points
- A Bitcoin whale has withdrawn $284 million worth of BTC from Binance.
- Bitcoin’s price could potentially surge to $90K soon.
A significant Bitcoin whale recently made headlines by pulling out 3,238 BTC, equivalent to $284 million, from the Binance cryptocurrency exchange within the past 24 hours. This transaction was carried out at an average price of $87,800 per BTC.
In the last month’s crypto market rally, this BTC whale offloaded a staggering 12,287 BTC, valued at $1.16 billion, at an average price of $94,300, as reported by Spot On Chain. Interestingly, the same whale began accumulating BTC again just five days prior when BTC’s price was around $84,000. With this latest acquisition, the whale’s holdings have swelled to 15,986 BTC, worth approximately $1.39 billion.
Bitcoin Whale Resurfaces After 8 Years of Dormancy
Concurrently, a dormant Bitcoin whale resurfaced after 8 years, transferring over 3,000 BTC, worth a whopping $250 million, in a single transaction on March 22.
Inflows into spot Bitcoin ETFs are on the rise, indicating robust institutional accumulation. BlackRock, the world’s largest asset manager, has been the biggest beneficiary of these supplies. BlackRock’s iShares Bitcoin Trust (IBIT) led a resurgence in Bitcoin ETFs, ending a five-week streak of net outflows with a remarkable net inflow of $744.4 million.
In 15 separate transactions, the asset manager purchased an additional 4,054 Bitcoin, bringing its total holdings to 573,878 BTC, valued at over $50 billion, according to Bitbo’s Bitcoin treasury tracker.
Is a $90K BTC Price Surge on the Horizon?
Following a breakout above $84,000, the BTC price is now aiming for another breakout above $87,000. Bitcoin has achieved a significant 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.
