Bitcoin Whale "37X" Moves $6 Billion Amid Surge of Institutional Interest in BTC
Summary:
The Bitcoin whale "37X", who holds the fifth-largest Bitcoin (BTC) supply, transferred more than $6 billion BTC to three new addresses, making this its first substantial transfer since 2019. This activity occurred during the period of growing institutional interest spurred by the upcoming Bitcoin halving. The movement of funds took place days before Bitcoin reclaimed its $70,000 mark, and as Coinbase’s BTC supply hit a nine-year low.
The Bitcoin whale known as "37X", which is the fifth largest Bitcoin (BTC) holder, moved more than $6 billion worth of BTC to three new addresses on March 23, marking the first significant transfer since 2019. Its balance of 94,500 BTC, which equates to a value of $6.05 billion, was almost completely moved to the new addresses, leaving only 1.4 BTC in the original account, reported Arkham Intelligence on March 25. The analysis showed that "$5.03B in BTC was sent to bc1q8yj. Two other addresses, bc1q6m5 and bc1q592, received $561.46M and $488.40M in BTC respectively. The latter has since moved those funds."
This massive transfer happened during a time of heightened interest in Bitcoin among institutions, spurred by the impending Bitcoin halving. This will cut the reward for block issuance in half in just 25 days. Although Bitcoin hit an all-time high prior to the halving being completed, there is still not complete pricing in of the reduced incoming supply, commented a co-founder of D8X, a decentralized exchange and former executive director at UBS to Cointelegraph.
The substantial $6 billion BTC transfer took place a couple of days before Bitcoin regained its $70,000 psychological price mark on March 25, after a 10-day dip. With investors once again amassing BTC off exchanges, BTC supply on Coinbase hit a nine-year low with 344,856 BTC on March 18. Bitcoin saw an increase of 6.4% over 24 hours, trading at $71,222 by 9:53 a.m. UTC according to CoinMarketCap.
The present uptick in Bitcoin is primarily attributed to the pending halving and the increased inflow of institutional investment via the ten Bitcoin exchange-traded funds (ETFs) in the US, explained Christopher Cheung, a partner at Ten Squared digital asset funds, in a research note to Cointelegraph. Cheung noted, “The participation of traditional finance institutions like BlackRock and Fidelity in launching BTC products lends more credibility to cryptocurrency as an alternative asset class. This reduces the 'career risk’ for investors who were previously unsure about entering the crypto market.”
Bitcoin ETFs have accumulated a total of $58.3 billion in on-chain holdings, which accounts for 4.17% of the current BTC supply, according to Dune.
Published At
3/26/2024 1:16:04 PM
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