In a significant move, the fifth-largest Bitcoin holding address, known as “37X,” has transferred over $6 billion worth of BTC to three new addresses. This is the first time such a transfer has occurred since 2019.
According to a post by Arkham Intelligence on March 25, the Bitcoin whale moved almost its entire balance of 94,500 Bitcoin, equivalent to $6.05 billion, on March 23. The original address now holds only 1.4 BTC.
This transfer comes at a time when institutional interest in Bitcoin is on the rise due to the upcoming Bitcoin halving, which is set to reduce block issuance rewards by half in late April.
Despite Bitcoin’s price reaching an all-time high before the halving, the impact of the incoming supply issuance reduction has not been fully reflected, as noted by the co-founder of D8X decentralized exchange and former executive director at UBS.
Interestingly, the $6 billion BTC transfer took place just two days before Bitcoin reclaimed the psychological price level of $70,000 on March 25, after a 10-day period. As investors continue to accumulate BTC off exchanges, the supply of BTC on Coinbase has reached a nine-year low.
At the time of writing, Bitcoin has risen by 6.4% in the past 24 hours and is trading at $71,222, according to CoinMarketCap.
The current rally in Bitcoin’s price is largely driven by the anticipation of the halving and increased institutional inflows from Bitcoin exchange-traded funds (ETFs) in the United States. According to research from Ten Squared, Bitcoin ETFs now hold a combined total of $58.3 billion, which represents 4.17% of the current BTC supply, according to Dune.
In other news, a mysterious Bitcoin whale, known as “Mr. 100,” has become the 14th-biggest BTC holder.