Marathon Wallets With Over $1 Bln of Bitcoin Get Identified Ahead of Halving
Highlights
- Marathon's wallets, containing 23 addresses and more than $1.1 billion in Bitcoin, have been identified recently.
- The Marathon Wallet discovery comes at a time when Bitcoin ETFs have seen soaring demand ahead of the halving.
- However, although institutional interest in Bitcoin is growing, there may soon be turbulence in market.
Marathon Wallets worth $1.1 billion Bitcoin were traced recently. These wallets, which summed up to around 23, have generated a revenue of $387.5 million revenue. Noticeably, the immense holdings of Bitcoin in these wallets come right before the anticipated halving. The holdings also come in the backdrop of a rising demand for Bitcoin ETFs.
Marathon Wallet Worth $1.1 Billion Traced
Marathon’s wallets, containing 23 addresses and more than $1.1 billion in Bitcoin, have been identified recently. These on-chain wallets mined 12,85K Bitcoins, bringing in $387.5 million in revenue in 2023.
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Bitcoin ETFs See Surging Demand
The Marathon Wallet discovery comes at a time when Bitcoin ETFs have seen soaring demand ahead of the halving. Just yesterday. SoSoValue suggested that there was a $213 million net inflow into Bitcoin spot ETFs. An increase in inflows just before the halving implies that investors are probably hoarding Bitcoin before the code upgrade. Anticipation of a bull run after the halving has kept hopes high, making people keep their Bitcoin profile strong.
Whale Activity Rises Ahead of Halving
The main factor that is making market participants hoard Bitcoin and have a huge appetite for Bitcoin ETFs is the upcoming halving. As the halving approaches, Bitcoin whales have been actively accumulating huge quantities of BTC despite recent market volatility. This accumulation pattern indicates that big investors are generally optimistic, especially as the fourth Bitcoin halving draws near. Whales appear to be setting themselves up for possible future advantages in the Bitcoin market as the reduction of miner rewards is nearing.
However, although institutional interest in Bitcoin is growing, there may soon be turbulence, according to the futures market. According to CryptoQuant, a consistent upward trend in the Coinbase Premium indicates that US institutions are buying more Bitcoin. Strong institutional engagement is highlighted by this premium, which is the price differential between Coinbase and overseas exchanges, particularly given the recent inflows into US Bitcoin exchange-traded funds (ETFs).
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