Recently, a Marathon wallet worth $1.1 billion worth of Bitcoin was tracked. These wallets totaled approximately 23 and generated $387.5 million in revenue. What's notable is that these wallets hold huge amounts of Bitcoin, and this is occurring just before the expected halving. This holding is also due to the increasing demand for Bitcoin ETFs.
$1.1 billion worth of Marathon wallets tracked
Marathon's wallet, containing 23 addresses and over $1.1 billion in Bitcoin, was recently identified. These on-chain wallets mined his 12,85,000 Bitcoins, giving him a revenue of $387.5 million in 2023.
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Demand for Bitcoin ETFs soars
The discovery of Marathon Wallet comes at a time when demand for Bitcoin ETFs is surging ahead of the halving. It was just yesterday. SoSoValue indicated that net inflows into the Bitcoin Spot ETF were $213 million. The increase in inflows right before the halving suggests that investors are likely buying up Bitcoin before the code upgrade. Expectations for a post-halving bull market have increased expectations and people maintain strong interest in Bitcoin.
Whale activity increases ahead of half-life
The upcoming halving is the main reason market participants are stocking up on Bitcoin and are paying a lot of attention to Bitcoin ETFs. Bitcoin whales are actively accumulating large amounts of BTC as the halving approaches, despite recent market volatility. This accumulation pattern indicates that large investors are generally optimistic, especially as Bitcoin's fourth halving approaches. Whales appear to be aiming for future dominance in the Bitcoin market as miners' rewards approach a cut.
But while institutional interest in Bitcoin is growing, futures markets say there could be some disruption soon. According to CryptoQuant, the consistent upward trend in Coinbase premiums indicates that US institutions are buying more Bitcoin. This premium, the price difference between Coinbase and overseas exchanges, highlights the strong involvement of institutional investors, especially considering the recent inflows into US Bitcoin exchange-traded funds (ETFs).
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