Prehistoric Bitcoins are on the move!

A prehistoric Bitcoin wallet, which was inactive for more than a decade, has been reactivated and transferred 687.33 Bitcoins - worth nearly $44 million dollar. This wallet had been inactive since January 2014, at which time the price of Bitcoin was significantly lower: $914 dollar per coin.

Such movements of old wallets lead to speculation about their origin, with some suggesting a link to the creator of Bitcoin. These events coincide with other significant dormant wallet activity while the price of Bitcoin has recently risen, highlighting the potential impact on the market of these old coins coming back into circulation.

Changpeng Zhao, founder of Binance, sentenced to prison

Changpeng ''CZ" Zhao, founder and ex-CEO of the world's largest crypto marketplace Binance, has been sentenced to four months in federal prison. This verdict came after pleading guilty to charges of enabling money laundering at Binance.

The sentencing guidelines range from 12 to 18 months. Notably, his departure as CEO prior to the ruling and his willingness to face trial in the U.S. favorably influenced his sentence, in contrast to others. E.g. Sam Bankman-Fried, founder of rival exchange FTX, was sentenced to 25 years in prison in March this year after he denied being guilty of the large-scale fraud through his platform, largely committed by himself or on his behalf.

Extraordinary in- and outflows for BTC ETFs

In week 17, BTC ETFs experienced a remarkable week with a significant capital outflow of $563.7 million on May 1st, which could be explained by a possible monthly rebalancing.

A notable detail is that significant inflows of $378.3 million were also seen on May 3rd, the highest since March when ETFs gained traction. In particular, the Grayscale ETF, which had previously seen continuous outflows, received $63 million, providing a stark contrast. Since the 6th of May, Grayscale ETF continued to inflow, indicating deliberate purchases, which is seen as a bullish sign.

BlackRock predicts: institutional investors will buy BTC ETFs

Robert Mitchnick, Head of Digital Assets at BlackRock (the world's largest asset manager), highlighted the growing interest in spot Bitcoin ETFs from various financial institutions. This includes pensions, endowments, sovereign wealth funds, insurers, other asset managers and family offices.

After a period of strong growth and a recent pause, he expects new investments to resume. BlackRock has been actively educating these groups on Bitcoin investment and portfolio strategies. Since their introduction, these ETFs have attracted substantial investments, and a wider distribution to top wealth advisory firms is anticipated soon.