Since the whale address received the monies in 2019, they have not been transferred.
For the first time since 2019, the fifth-largest Bitcoin holding address, colloquially known as “37X,” has transferred over $6 billion in value of BTC to three new addresses.
According to a March 25 X post by Arkham Intelligence, the Bitcoin whale moved almost all of its balance of 94,500 Bitcoin, valued $6.05 billion, on March 23, leaving just 1.4 BTC in the original address. It stated:
“$5.03 billion in bitcoin was paid to bc1q8yj. $561.46 million and $488.40 million in bitcoin were sent to bc1q6m5 and bc1q592, respectively. Since then, bc1q592 has moved those monies elsewhere.
The transfer took place at a time when institutional interest in Bitcoin was growing due to the impending Bitcoin halving, which is scheduled for late April and would result in a halving of block issuance incentives.
The co-founder of D8X decentralized exchange and a former executive director at UBS told Cointelegraph that even if the price of Bitcoin hit an all-time high prior to the halving for the first time ever, the approaching supply issuance reduction is still not fully priced in.
Two days prior to Bitcoin’s first return to the $70,000 psychological price level in ten days on March 25, there was a transfer of more than $6 billion in bitcoin. March 18 saw a nine-year low of 344,856 BTC in the supply of Bitcoin on Coinbase, as investors have started to accumulate Bitcoin outside of exchanges once again.
According to CoinMarketCap, Bitcoin increased 6.4% in the 24 hours before 9:53 am UTC, when it was trading at $71,222.
The expectation of the halving and the rise in institutional inflows from the 10 spot Bitcoin exchange-traded funds (ETFs) in the US are the primary drivers of the current boom in bitcoin. In a research letter to Cointelegraph, Christopher Cheung, a partner at digital asset funds Ten Squared, said:
“The introduction of BTC products by established financial institutions like Fidelity and BlackRock is bolstering the legitimacy of cryptocurrencies as an alternative asset class. For investors who were previously reluctant to enter the cryptocurrency market, this lowers their “career risk.”
Dune reports that the aggregate on-chain holdings of Bitcoin ETFs have reached a total of $58.3 billion, or 4.17% of the current BTC supply.
