The Bitcoin market continues to demonstrate robust bullish sentiment, with key institutional and national holders—commonly referred to as "whales"—recording average unrealized gains exceeding 134%. As of early March 2025, Bitcoin trades near the $61,390 level, supported by strong accumulation trends, favorable regulatory developments, and rising ETF inflows. This article explores the performance of eight major Bitcoin holders, recent U.S. legislative actions impacting crypto custody, and technical outlooks for BTC and major altcoins.
Top 8 Bitcoin Whales Show Average Unrealized Profit of Over 134%
An analysis of eight prominent institutional and governmental Bitcoin holders reveals an average unrealized profit of 134.8%, translating to over $11.2 billion in collective paper gains. These entities include national governments, public corporations, and major crypto-native firms. The data underscores long-term confidence in Bitcoin’s value proposition and highlights strategic accumulation patterns.
U.S. Government: Largest Bitcoin Holder by Seizure Volume
The U.S. government ranks among the world’s largest Bitcoin holders, primarily through asset seizures in law enforcement operations. According to Arkham Intelligence, as of February 29, 2025, federal holdings exceed 200,000 BTC, valued at over $12.44 billion. While the government does not actively trade these assets, its holding pattern signals indirect long-term confidence in BTC as a store of value.
👉 Discover how institutional holding patterns influence Bitcoin price trends.
MicroStrategy: Leading Corporate Accumulator
MicroStrategy remains the top publicly traded company holding Bitcoin. Data from Saylortracker shows the firm owns 193,000 BTC, worth approximately $11.89 billion** at current prices. With an average acquisition cost of **$31,780 per BTC, the company has already realized a paper profit of over $6.1 billion, representing a return on investment of 100.03%.
Michael Saylor’s strategy of leveraging corporate treasury funds to accumulate Bitcoin has become a benchmark for enterprise adoption.
Marathon Digital: High ROI from Mining and Holding
Marathon Digital, one of the largest U.S.-based Bitcoin miners, holds 15,741 BTC, valued at $967 million**. Acquired at an average cost of **$13,785, the position has generated over $777 million in unrealized gains—an impressive return of 411.4%. The company's dual strategy of mining and long-term holding exemplifies how operational integration can amplify investment returns.
Other notable holders include Coinbase Global, Tesla, Square (now Block), Palantir, El Salvador, and MicroVision—each reflecting diverse motivations from speculation to national reserve diversification.
U.S. Congress Moves to Repeal Controversial SEC Crypto Custody Rule
In a significant regulatory development, the U.S. House Committee on Financial Services voted to overturn SEC Staff Accounting Bulletin 121 (SAB 121)—a guidance that requires financial institutions to record custodied crypto assets on their balance sheets, effectively discouraging banks from offering crypto custody services.
The resolution passed with bipartisan support: 31 votes in favor, 20 opposed. If ratified by both the full House and Senate, it would nullify SAB 121 and prevent the SEC from issuing similar non-rulemaking guidance in the future.
Why This Matters for Banking and Crypto Integration
Proponents, including Republican Congressman Michael Flood of Nevada, argue that SAB 121 creates an unnecessary barrier for traditional banks entering the digital asset space. With spot Bitcoin ETFs now approved and gaining traction, the inability of banks to offer secure custody limits mainstream adoption.
Currently, major ETF custodians like Coinbase, Fidelity, Gemini, and BitGo are non-bank entities. Enabling banks to provide custody could accelerate institutional participation and improve market infrastructure.
Additionally, lawmakers approved a bill allocating more resources to the U.S. Secret Service for combating crypto-related crime—a balanced approach to innovation and regulation.
👉 Learn how policy changes impact cryptocurrency market dynamics.
Spot Bitcoin ETFs See Record Inflows Despite GBTC Outflows
The U.S. spot Bitcoin ETF market reached a milestone on Wednesday, recording a single-day net inflow of $673.4 million—the highest since launch.
Key ETF Performance Highlights
- BlackRock’s iShares Bitcoin Trust (IBIT) led the surge with $612.1 million in net inflows on February 28.
- Fidelity’s FBTC followed with $245.2 million, more than doubling its previous daily inflow.
- Despite continued outflows from Grayscale’s GBTC ($599 million on February 29), overall market demand remains strong.
Cumulative inflows from Monday to Wednesday totaled $1.77 billion**, with weekly net inflows peaking at **$2.27 billion the week of February 16.
James Seyffart, ETF analyst at Bloomberg Intelligence, noted:
“Bitcoin spot ETFs have set a new record for daily net inflows. BlackRock’s IBIT alone brought in $612 million—one of the strongest days for any ETF launch in history.”
Major financial institutions are responding: Bank of America and Wells Fargo have begun offering spot Bitcoin ETFs to wealth management clients, signaling deeper Wall Street integration.
Technical Outlook: Bitcoin and Major Altcoins
Bitcoin (BTC): Bullish Structure Intact
According to FXEmpire analyst Bob Mason, Bitcoin remains well above both the 50-day and 200-day moving averages—confirming a strong bullish trend.
- Upside targets: A move above $62,000** could propel BTC toward Wednesday’s high of **$64,008, with further resistance at the all-time high of $69,276.
- Downside risks: A break below $59,176** may trigger a retest of **$57,000 support.
- The 14-day RSI stands at 79.42, indicating overbought conditions and potential short-term consolidation.
Ethereum (ETH): Testing Key Resistance
Ethereum also trades above key moving averages.
- A breakout above $3,412** and Thursday’s high of **$3,521 could open the path to $3,683.
- Failure to hold above $3,300** may lead to a drop toward **$3,200.
- RSI at 68.22 suggests upward momentum but not yet overbought.
Ripple (XRP): Bullish Crossover Confirmed
XRP shows technical strength with its 50-day MA crossing above the 200-day MA—a classic "golden cross" pattern.
- A return to $0.60** supports a move toward resistance at **$0.6354.
- Losing $0.5835 could bring price action back toward the moving averages.
- RSI at 65.24 indicates room for upside before overbought levels.
Frequently Asked Questions (FAQ)
Q: Who are considered Bitcoin "whales"?
A: Bitcoin whales are individuals, institutions, or governments holding large amounts of BTC—typically thousands or tens of thousands of coins. Their buying or selling activity can significantly influence market price and sentiment.
Q: Why is SAB 121 controversial?
A: SAB 121 forces banks to list custodied crypto as a liability on their balance sheets, increasing capital requirements and regulatory risk. Critics argue it unfairly blocks traditional finance from participating in crypto custody.
Q: How do spot Bitcoin ETFs affect price?
A: Spot ETFs allow investors to gain exposure to actual Bitcoin without holding it directly. Sustained inflows signal strong demand and often precede price increases due to direct market purchases by ETF issuers.
Q: Is Bitcoin overbought? Should I sell?
A: While the RSI suggests overbought conditions, this is common during strong bull markets. Long-term investors often hold through volatility, while traders may take partial profits or use stop-loss strategies.
Q: Can banks custody crypto if SAB 121 is repealed?
A: Yes—removing SAB 121 would eliminate a major accounting barrier, making it easier for banks to offer crypto custody services legally and profitably.
Q: What drives institutional adoption of Bitcoin?
A: Key drivers include inflation hedging, portfolio diversification, regulatory clarity, ETF availability, and proven long-term returns—evidenced by firms like MicroStrategy and Marathon Digital.
👉 Explore real-time market data and track whale movements across top cryptocurrencies.