Bitcoin Rises as BlackRock, Fidelity, Ark, Bitwise and Other Whales Continue BTC Accumulation Spree

Bitcoin ( BTC ) has tagged the $91,500 level for the first time since March 7th as institutional holdings of the flagship crypto asset enjoy a significant boost.

According to blockchain tracking firm Lookonchain, BlackRock and several other large US institutions have upped their Bitcoin stacks to back their BTC-based exchange-traded funds (ETFs).

Says Lookonchain, citing data from Arkham,

“BTC is back to $90,000.

Fidelity, BlackRock, ARK Invest, Bitwise are all accumulating BTC.”

According to crypto data aggregator SoSoValue , Bitcoin ETFs saw $381 million in flows on Monday, April 21, with none of the 12 ETFs seeing net outflows.

The flows are the largest recorded since January 30.

However, Ethereum ( ETH ) ETFs haven’t seen the same amount of demand. According to SoSoValue, Ethereum ETFs have suffered net outflows for the majority of days since mid-February, including today.

But some under-the-radar whales have been spotted on-chain accumulating ETH from crypto exchanges.

Says Lookonchain,

“Whales are still accumulating ETH.

0xd81E withdrew 1,900 ETH ($3.1M) from Gate.io again [on Tuesday].
Since Feb 15, this wallet has withdrawn 48,477 ETH ($100.35M) from Gate.io and is currently sitting on a $21M loss.

Meanwhile, 0x3bd2 withdrew 2,600 ETH ($4.26M) from Binance after being inactive for a year.”

At time of writing, Bitcoin is trading at $90,777 while ETH is priced at $1,692.

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Featured Image: Shutterstock/DomCritelli/Alexxxey