The address “37X,” holding the fifth-largest amount of Bitcoin, has recently initiated a significant transfer. Over $6 billion worth of BTC has been moved from this address to three distinct new addresses, marking the first such movement since 2019.
On Mar 23, a Bitcoin whale executed a significant transfer, moving almost its entire holding of 94,500 Bitcoin, valued at approximately $6.05 billion. As reported in a Mar 25 X post by Arkham Intelligence, the transaction left a mere 1.4 BTC in the original address.
“A total of $5.03 billion worth of Bitcoin (BTC) was transferred to the address bc1q8yj. From this amount, addresses bc1q6m5 and bc1q592 received $561.46 million and $488.40 million in BTC, respectively. Subsequently, the funds received by bc1q592 were further forwarded to other destinations.”
The move happened when more institutions became interested in Bitcoin because of the upcoming halving. That’s when the block rewards will be cut in half, and it’s just 25 days away.
Even though Bitcoin hit its highest price ever before the halving, this time around, the cut in incoming supply isn’t fully reflected in the price yet, according to the co-founder of the D8X decentralized exchange and ex-executive at UBS.
Bitcoin Surge Spurs Institutional Interest
Before Bitcoin’s resurgence to $70,000 on Mar 25, a $6 billion BTC transfer occurred. Investors are getting back into buying BTC, so there’s less BTC available on Coinbase. On Mar 18, the amount of BTC on Coinbase dropped to its lowest in nine years, hitting 344,856 BTC.
Bitcoin increased by 6.4% in the 24 hours before 9:53 a.m. UTC. It’s now trading at $71,222, as per CoinMarketCap.
Bitcoin is increasing mostly because people think the halving is coming soon, and big companies are investing more money. Christopher Cheung, who works with digital money at Ten Squared, said this in a research paper.
“BlackRock and Fidelity getting into BTC make cryptocurrency seem more real for regular money. It means people who were scared to try crypto might not be as scared now ’cause big money companies are into it.”
As per Dune’s report, Bitcoin ETFs now hold about $58.3 billion worth of bitcoins, around 4.17% of all the bitcoins available.
Related Reading | Coinbase Bleeds: 58K BTC Drain Signals Bitcoin Exchange Drought
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