Prime

Bitcoin

Silk Road

April

Spot

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<a href="https://x.com/intotheblock/status/1775434176629518731?s=20" rel="noopener noreferrer nofollow">Data</a> from IntoTheBlock's Large Holders Netflow metric has revealed a staggering surge in Bitcoin accumulation by whales during the recent market downturn. Wallets holding at least 0.1% of the total&nbsp;<a href="https://u.today/bitcoin-is-king-peter-brandt-unveils-epic-new-btc-prediction" rel="noopener noreferrer nofollow">Bitcoin</a> supply seized the opportunity to bolster their holdings by adding nearly 33,000 BTC to their stacks in a single day, translating to a whopping $2 billion investment.
Delving into the figures, the net flow of Bitcoin into the wallets of these large holders witnessed a remarkable turnaround. On April 1, outflows exceeded inflows by 3,530 BTC. However, by April 2, the tide had shifted dramatically, with a net inflow of 32,750&nbsp;<a href="https://u.today/130-million-silk-road-bitcoin-haul-to-be-sold-by-us-authorities" rel="noopener noreferrer nofollow">BTC</a> into these whale addresses. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="52d86d07-b7e6-4077-89cb-7c307ce32552" src="https://u.today/sites/default/files/inline-images/btcitb.png">Source: <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=ownership&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a>
This surge marked a staggering 6,900% increase in Bitcoin flow, indicating what may be a significant shift in accumulation patterns among major investors.
<h2 dir="ltr" id="silk-road-s-bitcoin-on-move">Silk Road's Bitcoin on move</h2>
While some attributed this surge to market optimism and strategic accumulation, others offered a contrasting perspective. Thus, it was suggested that the sudden spike in Bitcoin movements could be linked to the U.S. government's actions regarding confiscated assets.
<blockquote>
 The Silk Road BTC address (linked to the US government) moved 2K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($131M) to Coinbase Prime and 29.8K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($1.95B) to a new address 1 hour ago.This is likely an OTC deal and does not directly affect the BTC spot price, but BTC has dropped 4.6% in 24 hours.They still hold… <a href="https://t.co/XxZ5r9SYvP" rel="noopener noreferrer nofollow">pic.twitter.com/XxZ5r9SYvP</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1775233150089924642?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 2, 2024</a>
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Specifically, attention was drawn to the&nbsp;<a href="https://u.today/130-million-silk-road-bitcoin-haul-to-be-sold-by-us-authorities" rel="noopener noreferrer nofollow">Silk Road</a> BTC address, associated with U.S. authorities, which recently executed substantial transfers. Notably, 2,000 BTC, valued at $131 million, were sent to Coinbase Prime, while a significant sum of 29,800 BTC, worth $1.95 billion, was relocated to a new address.
Although these transactions are likely part of an over-the-counter (OTC) deal and may not directly influence spot prices, they coincide with a decline in BTC value over the past 24 hours.

Bitcoin (BTC) Whales' Holdings Skyrocket by 6,900% Amid Price Dip

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