Also known as 37X, the fifth largest Bitcoin address has moved over $6 billion worth of Bitcoin to three new addresses for the first time since 2019. According to a post published by Arkham Intelligence on March 25, the Bitcoin whale transferred nearly all of its balance of 94,500 bitcoins, valued at $6.05 billion, on March 23, leaving only 1.4 Bitcoin in the original address.
Bitcoin Transfer Attracts Attention
According to a statement by Arkham Intelligence, the address bc1q8yj received Bitcoin worth $5.03 billion, while addresses bc1q6m5 and bc1q592 received $561.46 million and $488.40 million worth of Bitcoin, respectively, with bc1q592 having since moved those funds.
The transfer took place during a period of increased institutional interest in Bitcoin, ahead of the upcoming Bitcoin halving event in late April, which will cut block rewards in half. The co-founder of D8X decentralized exchange and former executive director at UBS commented that despite Bitcoin’s price reaching an all-time high before a halving event for the first time in history, the upcoming supply issuance reduction is still not fully reflected in the price.
The transfer of over $6 billion in Bitcoin occurred just two days after the cryptocurrency reclaimed the $70,000 psychological price level for the first time in 10 days on March 25. While investors continue to accumulate Bitcoin outside of exchanges, the supply of Bitcoin on Coinbase reached a nine-year low of 344,856 bitcoins on March 18.
ETF Process and Bitcoin
Christopher Cheung, partner at crypto asset funds Ten Squared, shared a research note stating that the current Bitcoin rally is primarily due to halving expectations and increased institutional entries from ten spot Bitcoin exchange-traded funds in the United States:
“The participation of traditional financial institutions like BlackRock and Fidelity in launching Bitcoin products is further legitimizing the cryptocurrency as an alternative asset class. This reduces career risk for investors who were previously hesitant to enter the crypto market.”
According to Dune, Bitcoin ETF funds have reached a total of $58.3 billion in chain assets, representing 4.17% of the current Bitcoin supply.
