The fifth-largest Bitcoin (BTC) holding address also dubbed 37X has moved over $6 billion worth of BTC to three new addresses for the first time since 2019. <\/p>\n
The Bitcoin whale transferred nearly its entire balance of 94,500 Bitcoin, worth $6.05 billion, on March 23, leaving only 1.4 BTC in the initial address, according to a March 25 Xpost by Arkham Intelligence. It wrote: <\/p>\n
The transfer occurred during a period of increased institutional interest in Bitcoin, driven by the upcoming Bitcoin halving, which will slash block issuance rewards in half when it occurs in late April. <\/p>\n
Despite the Bitcoin price reaching an all-time high before the halving for the first time in history, the incoming supply issuance reduction is still not priced in to the full extent, co-founder of D8X decentralized exchange and former executive director at UBS told Cointelegraph. <\/p>\n
Related: Is the Bitcoin halving the right time to invest in BTC? <\/p>\n
The over $6 billion BTC transfer occurred two days before Bitcoin reclaimed the $70,000 psychological price level on March 25 for the first time in 10 days. As investors have resumed accumulating BTC off exchanges, BTC supply on Coinbase reached a nine-year low of 344,856 BTC on March 18. <\/p>\n
Bitcoin rose 6.4% in the 24 hours leading up to 9:53 am in UTC to trade at $71,222, according to CoinMarketCap. <\/p>\n
Bitcoins current rally is mainly driven by the anticipation of the halving and the increased institutional inflows from the ten spot Bitcoin exchange-traded funds (ETFs) in the United States, Christopher Cheung, partner at digital asset funds Ten Squared, told Cointelegraph in a research note: <\/p>\n
Bitcoin ETFs have reached a combined total of $58.3 billion in on-chain holdings, which represents 4.17% of the current BTC supply, according to Dune. <\/p>\n
Related: Who is Mr. 100? Mysterious Bitcoin whale becomes 14th-biggest BTC holder <\/p>\n
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Over $6B worth of BTC moved by 5th-richest Bitcoin whale - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The fifth-largest Bitcoin (BTC) holding address also dubbed 37X has moved over $6 billion worth of BTC to three new addresses for the first time since 2019. The Bitcoin whale transferred nearly its entire balance of 94,500 Bitcoin, worth $6.05 billion, on March 23, leaving only 1.4 BTC in the initial address, according to a March 25 Xpost by Arkham Intelligence. It wrote: The transfer occurred during a period of increased institutional interest in Bitcoin, driven by the upcoming Bitcoin halving, which will slash block issuance rewards in half when it occurs in late April Continue reading