$6 Billion in Bitcoin (BTC) Shifted by Top Whale

-->One of the biggest whales on the bitcoin market is suddenly active. This concerns the fifth largest whale, referred to by on-chain analysts as “37x”, which has shifted no less than 6 billion dollars worth of bitcoin on the blockchain. Remarkable, because such billion-dollar transactions do not happen every day.

Bitcoin top whale active

This concerns a transaction in which almost 94,500 bitcoin was sent to three new addresses. It is the first movement of this bitcoin since 2019. The analysts at Arkham Intelligence report the movement. Bitcoin is rising again and is currently back above $70,000. The increase can be explained by more interest in bitcoin among business investors. The upcoming halving also creates more interest among followers and investors.

The 5th richest Bitcoin address just moved over $6 BILLION in BTC to three new addresses.

37X moved almost its ENTIRE BALANCE of 94.5K BTC ($6.05B) in the early hours of Saturday 23rd March, leaving only 1.4 BTC in the address.

The 94.5K BTC had not been moved since 37X… pic.twitter.com/mAjpg0oqnD

— Arkham (@ArkhamIntel) March 25, 2024

Bullish trend

Because halving fewer new bitcoins will be mined after the halving, analysts expect price shocks to occur. Investors want to buy more bitcoin in the run-up to the halving to avoid a possible rise (“front running”), but their actions are already leading to a higher price. An exchange like Coinbase is at its lowest supply of bitcoin in nine years. Grayscale’s fund, GBTC, is also being bought out. Because ‘Wall Street’ is now (seriously) getting involved, this leads to greater legitimization of bitcoin as an asset class. More and more traditional investors have (indirect) exposure to BTC.