Home Coin news Bitcoin Whale Moves $6 Billion in BTC

Bitcoin Whale Moves $6 Billion in BTC

26 Mar, 2024 Coin news

Bitcoin Whale Moves $6 Billion in BTC

The Bitcoin address known as "37X," which holds the fifth-largest amount of Bitcoin, has transferred over $6 billion worth of BTC to three different addresses for the first time since 2019.

This significant move involved nearly the entire balance of 94,500 Bitcoins, valued at $6.05 billion, on March 23, leaving a mere 1.4 BTC in the original address, as detailed in a March 25 X post by Arkham Intelligence. The post highlighted:

“$5.03B BTC was sent to bc1q8yj, with addresses bc1q6m5 and bc1q592 receiving $561.46M and $488.40M in BTC respectively. bc1q592 has since sent those funds onwards.”

This transaction comes at a time of heightened interest from institutional investors in Bitcoin, ahead of the anticipated Bitcoin halving event expected to take place in late April, which will cut the rewards for mining a block in half.

In the run-up to this halving, the Bitcoin price has reached a new peak, marking the first instance of such a price increase before a halving.

However, the market has yet to fully incorporate the impact of the forthcoming reduction in supply issuance, according to a D8X decentralized exchange co-founder and former UBS executive director in a statement to Cointelegraph.

Just two days after this massive transfer, Bitcoin surpassed the $70,000 mark on March 25 for the first time in ten days.

This price surge coincides with a notable accumulation of Bitcoin by investors, particularly off exchanges, leading to a nine-year low in Bitcoin's supply on Coinbase, which stood at 344,856 BTC as of March 18.

Bitcoin experienced a 6.4% increase in value within 24 hours, trading at $71,222 by 9:53 am UTC, as reported by CoinMarketCap.

The current upward trend in Bitcoin's value is largely attributed to the anticipation of the halving event and significant inflows from institutional investors through the ten Bitcoin ETFs available in the United States, according to Christopher Cheung, a partner at Ten Squared digital asset funds, in a research note to Cointelegraph:

“The involvement of traditional financial institutions like BlackRock and Fidelity in launching BTC products is further legitimizing cryptocurrency as an alternative asset class. This reduces the ‘career risk’ for investors who were previously hesitant to enter the crypto market.”

The total on-chain holdings of Bitcoin ETFs have amassed to $58.3 billion, representing 4.17% of the total BTC supply, as per Dune analytics.

Sources:

https://cointelegraph.com/news/6b-btc-moved-fifth-richest-bitcoin-whale

https://twitter.com/ArkhamIntel/status/1772314487762166258/photo/2

https://coinmarketcap.com/currencies/bitcoin/

https://dune.com/hildobby/btc-etfs

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