Marathon wallets, which hold 23 addresses and over $1.1 billion in Bitcoin, were recently discovered.
The Marathon Wallet discovery coincides with the surge in demand for Bitcoin ETFs leading up to the halving.
Nevertheless, despite the increasing interest from institutions, the market could experience some turbulence shortly.
A recent discovery revealed the tracing of Marathon Wallets containing a staggering $1.1 billion worth of Bitcoin. These wallets, totaling approximately 23, have generated an impressive revenue of $387.5 million. Interestingly, these wallets’ significant amount of Bitcoin coincides with the upcoming halving event. The holdings also coincide with a growing interest in Bitcoin ETFs.
Marathon Wallet Valued at $1.1 Billion Followed.
Marathon’s wallets, which hold 23 addresses and over $1.1 billion in Bitcoin, were recently discovered. In 2023, these wallets generated revenue of $387.5 million by mining 12,85K Bitcoins.
Surging Demand for Bitcoin ETFs
The Marathon Wallet discovery coincides with a high demand for Bitcoin ETFs in anticipation of the halving—only yesterday. According to SoSoValue, there was a significant net inflow of $213 million into Bitcoin spot ETFs. There has been a noticeable surge in inflows right before the halving, suggesting that investors may be stockpiling Bitcoin in anticipation of the code upgrade. With the halving on the horizon, many eagerly await a potential surge in the market, leading them to maintain a robust Bitcoin portfolio.
Whale activity is increasing in anticipation of the halving event.
The upcoming halving is the main factor driving market participants to hoard Bitcoin and fueling their strong appetite for Bitcoin ETFs. Amidst the volatility in the market, there has been a significant increase in the accumulation of BTC by Bitcoin whales as the halving event draws near. The accumulation pattern suggests that prominent investors hold a positive outlook, particularly with the approaching fourth Bitcoin halving. It seems that whales are positioning themselves for potential future benefits in the Bitcoin market as the reduction of miner rewards approaches.
Nevertheless, despite the increasing interest from institutions, the futures market suggests that turbulence could be on the horizon for Bitcoin. According to CryptoQuant, there has been a noticeable increase in Coinbase Premium, implying that US institutions are purchasing more Bitcoin. This premium emphasizes the significant institutional involvement, as it represents the difference in price between Coinbase and international exchanges. This is especially notable considering the recent investment increase in US Bitcoin exchange-traded funds (ETFs).
