Marathon Wallets With Over $1 Billion of Bitcoin Get Identified Before Halving demand for Bitcoin ETFs skyrockets
Recently, $1.1 billion worth of Bitcoin was found in several wallets. The total number of these wallets was around 23, and they brought in $387.5 million. Notably, the massive Bitcoin holdings in these wallets occur just prior to the planned halving. Additionally, the holdings are made against the backdrop of growing interest in Bitcoin ETFs.
Demand for Bitcoin ETFs is Surging
The Marathon Wallet revelation comes at a time when Bitcoin ETFs are seeing high demand ahead of the halving. Just yesterday. SoSoValue estimated that there was a $213 million net inflow into Bitcoin spot ETFs. An spike in inflows soon before the halving suggests that investors are likely storing Bitcoin until the code change. The possibility of a bull run following the halving has kept individuals optimistic, prompting them to maintain a strong Bitcoin profile.
Before the halving, whale activity increases
Because of the impending halving, market players are mostly hoarding Bitcoin and showing a strong desire for Bitcoin ETFs. Bitcoin whales have been aggressively acquiring enormous amounts of BTC despite recent market instability as the halving draws near. Large investors appear to be generally bullish, as seen by this accumulation tendency, particularly as the fourth Bitcoin halving approaches. As the drop in miner incentives draws closer, whales seem to be positioning themselves for potential future gains in the Bitcoin market
Nevertheless, the futures market indicates that there could soon be volatility despite the fact that institutional interest in Bitcoin is increasing. A steady increasing trend in the Coinbase Premium, according to CryptoQuant, suggests that US institutions are purchasing more Bitcoin. This premium—the price difference between Coinbase and foreign exchanges—highlights strong institutional participation, especially in light of recent inflows into US Bitcoin exchange-traded funds (ETFs).
