In a significant move within the cryptocurrency community, a notable Bitcoin whale, identified only as “37X,” has shifted an enormous sum of over $6 billion in Bitcoin to three separate addresses, marking the first such transaction since 2019.
This transfer saw the whale relocating nearly its entire stash of 94,500 Bitcoin, valued at $6.05 billion as of March 23, leaving a mere 1.4 BTC in the original wallet.
The details of this massive transaction were shared by Arkham Intelligence on March 25, stating, “$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 whale activity coincided with a surge in Bitcoin interest from institutional investors, partly fueled by the anticipation of the upcoming Bitcoin halving event set for late April.
This event is expected to cut the reward for mining new blocks in half, a significant change that has historically impacted Bitcoin’s price.
Despite Bitcoin achieving a record price level prior to this halving, experts believe the market has yet to fully account for the impending reduction in supply.
A D8X co-founder and former UBS executive director highlighted to Cointelegraph that the price increase does not fully reflect the anticipated supply squeeze.
The timing of the whale’s transfer was also noteworthy, occurring just as Bitcoin surpassed the $70,000 mark on March 25 after a 10-day absence from this price point.
This resurgence is part of a broader trend of Bitcoin accumulation off exchanges, with Coinbase’s Bitcoin supply dropping to a nine-year low.
According to CoinMarketCap, Bitcoin’s price saw a 6.4% increase in the 24 hours leading up to March 25, reaching $71,222.
The current Bitcoin rally is largely attributed to halving anticipation and increased institutional investment, including from traditional financial institutions launching Bitcoin-related products.
Ten Squared’s partner, Christopher Cheung, mentioned 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 growth in Bitcoin ETFs, with a combined total of $58.3 billion in on-chain holdings, underscores the increasing acceptance of Bitcoin as a legitimate asset class among investors.
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