Fifth-wealthiest Bitcoin holder transfers BTC valued at over $6 billion

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.
On March 23, the Bitcoin whale moved almost its entire balance of 94,500 Bitcoin, valued at $6.05 billion, leaving only 1.4 BTC in the original address. The details of this transfer were shared in a post by Arkham Intelligence on March 25.
This transfer took place during a period of increased institutional interest in Bitcoin, driven by the upcoming Bitcoin halving, which is scheduled for late April. The halving will reduce block issuance rewards by half.
Despite reaching an all-time high in price prior to the halving, the impact of the upcoming supply reduction has not been fully priced in, according to the co-founder of D8X decentralized exchange and former executive director at UBS.
Interestingly, the transfer of over $6 billion worth of BTC occurred just two days before Bitcoin reclaimed the psychological price level of $70,000 on March 25. Investor accumulation of BTC off exchanges has led to a nine-year low in BTC supply on Coinbase, which stood at 344,856 BTC on March 18.
As of now, Bitcoin has experienced a 6.4% increase in price in the 24 hours leading up to 9:53 am UTC, trading at $71,222.
The current rally in Bitcoin’s price is primarily driven by the anticipation of the halving and increased institutional inflows from Bitcoin exchange-traded funds (ETFs) in the United States. According to Christopher Cheung, a partner at digital asset funds Ten Squared, Bitcoin ETFs have a combined total of $58.3 billion in on-chain holdings, which represents 4.17% of the current BTC supply.
In other news, a mysterious Bitcoin whale, known as “Mr. 100,” has become the 14th-largest BTC holder, adding to the intrigue and speculation surrounding the cryptocurrency market.