Address “37X,” ranked fifth in largest Bitcoin holdings, moved over $6 billion worth of BTC to three new addresses for the first time in four years. On March 23, the whale moved almost all of its 94,500 BTC, valued at $6.05 billion, from the initial address, leaving only 1.4 BTC behind.
The transfer happened when more institutions were interested in Bitcoin because of the upcoming halving, which will slash block mining rewards in half in late April. Despite Bitcoin’s price reaching an all-time high before the halving, analysts suggest that the incoming supply issuance reduction still needs to be fully priced in.
The over $6 billion BTC transfer occurred two days before Bitcoin reclaimed the $70,000 price level on March 25. Bitcoin’s current rally is mainly driven by the anticipation of the halving and increased institutional inflows from the ten-spot Bitcoin exchange-traded funds (ETFs) in the United States.
According to data from Dune, Bitcoin ETFs have reached a combined total of $58.3 billion in on-chain holdings, representing 4.17% of the current BTC supply. Large institutional investments have boosted Bitcoin’s upward trend.
Bitcoin rose 5.8% in 24 hours, trading at $70,900, according to CoinMarketCap.
The massive whale transfer and institutional interest surrounding the upcoming halving have fueled the recent price surge, further solidifying Bitcoin’s position as a leading cryptocurrency.
Also Read: Mystery Whale Buys $1.3B in Bitcoin, Sparking Speculation
