Crypto News- A notable event recently shook up the crypto world: the fifth-largest Bitcoin holder, affectionately known as “37X,” made a colossal move. They shifted over $6 billion worth of BTC to three new addresses, marking their first significant transfer since 2019.
On March 23, the whale decided to relocate almost their entire balance of 94,500 Bitcoins, valued at a staggering $6.05 billion at the time. This move left a mere 1.4 BTC in the original address, as per a post by Arkham Intelligence on March 25.
Huge BTC Transfer: Fifth Richest Bitcoin Investor Moves Over 6B Dollars in Cryptocurrency
The distribution of funds went as follows: $5.03 billion found its way to bc1q8yj, while addresses bc1q6m5 and bc1q592 received $561.46 million and $488.40 million in BTC, respectively. Interestingly, bc1q592 promptly forwarded those funds elsewhere.
This transfer unfolded amidst a surge in institutional interest in Bitcoin, spurred by the imminent Bitcoin halving, slated to cut block issuance rewards in half in just 25 days.
Despite Bitcoin hitting record highs prior to the halving, the impending supply reduction isn’t fully priced in, noted a co-founder of D8X decentralized exchange and former UBS executive director in a Cointelegraph interview.
Strategic Timing: 6 Billion Dollars BTC Transfer Precedes Bitcoin Surge Past 70,000 Dollars
The timing of the $6 billion BTC transfer is significant, occurring just two days before Bitcoin surged back above the psychological $70,000 mark on March 25, breaking a 10-day lull. Investors’ renewed interest in accumulating BTC off exchanges is evident, with Coinbase witnessing a nine-year low in BTC supply on March 18, standing at 344,856 BTC.
Bitcoin’s value saw a 6.4% increase in the 24 hours leading up to 9:53 a.m. UTC, trading at $71,222, according to CoinMarketCap.
This latest rally is primarily attributed to the anticipation of the halving and the influx of institutional investments, particularly from the ten spot Bitcoin exchange-traded funds (ETFs) in the United States. Christopher Cheung, a partner at digital asset funds Ten Squared, emphasized how the involvement of traditional financial giants like BlackRock and Fidelity in launching BTC products adds legitimacy to cryptocurrency as an alternative asset class. This, in turn, mitigates the ‘career risk’ for investors previously wary of crypto.
Bitcoin ETFs have amassed a staggering $58.3 billion in on-chain holdings, representing 4.17% of the current BTC supply, according to data from Dune.
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