Fifth-Richest Bitcoin Whale Transfers Over $6 Billion Worth of BTC

Publish on 26 March 2024

The fifth-largest Bitcoin (BTC) holder, also known as "37X," recently made a significant move by transferring over $6 billion worth of BTC to three new addresses for the first time since 2019.

On March 23, the Bitcoin whale moved nearly its entire balance of 94,500 Bitcoin, valued at $6.05 billion at the time, leaving only 1.4 BTC in the original address. The transferred funds were distributed as follows:

- $5.03 billion BTC was sent to address bc1q8yj.

- Address bc1q6m5 received $561.46 million in BTC.

- Address bc1q592 received $488.40 million in BTC, which it subsequently transferred to other addresses.

Fifth-largest BTC address flows. Source: Arkham

This large transfer occurred amidst heightened institutional interest in Bitcoin, driven by the upcoming Bitcoin halving, scheduled to reduce block issuance rewards by half in late April.

Despite Bitcoin reaching an all-time high before the halving for the first time, the full impact of the impending supply issuance reduction may not yet be priced in, according to industry experts. The $6 billion BTC transfer took place just two days before Bitcoin surpassed the $70,000 psychological price level on March 25 for the first time in 10 days. 

Investors have resumed accumulating BTC off exchanges, with BTC supply on Coinbase hitting a nine-year low of 344,856 BTC on March 18. This accumulation trend has contributed to Bitcoin's recent rally, with the cryptocurrency rising 6.4% in the 24 hours leading up to March 25, trading at $71,222.

Bitcoin's current rally is primarily fueled by anticipation of the halving and increased institutional inflows from ten spot Bitcoin exchange-traded funds (ETFs) in the United States. The involvement of traditional financial institutions like BlackRock and Fidelity in launching BTC products is further legitimizing cryptocurrency as an alternative asset class, reducing the "career risk" for hesitant investors. Bitcoin ETFs now hold a combined total of $58.3 billion in on-chain holdings, representing 4.17% of the current BTC supply.

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