In a significant move, the fifth-largest Bitcoin holding address, known as “37X,” has transferred over $6 billion worth of BTC to three new addresses. This is the first time such a transfer has occurred since 2019.
On March 23, the Bitcoin whale moved almost its entire balance of 94,500 Bitcoin, which is valued at $6.05 billion. As a result, only 1.4 BTC remains in the original address. This information was shared in a post by Arkham Intelligence on March 25.
The timing of this transfer coincides with a period of increased institutional interest in Bitcoin, driven by the upcoming Bitcoin halving. The halving, set to take place in late April, will reduce block issuance rewards by half. Despite the Bitcoin price reaching an all-time high prior to the halving, the full impact of the supply reduction has not been fully factored in, according to a co-founder of D8X decentralized exchange and former UBS executive director.
Interestingly, the $6 billion transfer occurred just two days before Bitcoin surpassed the psychological price level of $70,000 on March 25, marking the first time in 10 days. Investors have been accumulating BTC off exchanges, leading to a nine-year low of 344,856 BTC on Coinbase on March 18.
As of 9:53 am UTC, Bitcoin had risen by 6.4% and was trading at $71,222, according to CoinMarketCap.
The current rally in Bitcoin is largely fueled by the anticipation of the halving and increased institutional inflows from Bitcoin exchange-traded funds (ETFs) in the United States. Ten Squared, a digital asset funds company, reported that Bitcoin ETFs now hold a combined total of $58.3 billion, representing 4.17% of the current BTC supply, according to Dune.
In other news, a mysterious Bitcoin whale, known as “Mr. 100,” has become the 14th-largest BTC holder.