The 94,500 BTC have remained untouched since 2019 when the funds were received by the whale address.
Over the weekend, the fifth richest Bitcoin address transferred $6 billion worth of the asset to three new wallets.
The transfer occurred amid increased institutional interest in BTC, driven perhaps by the upcoming halving in April.
The 5th richest Bitcoin address just moved over $6 BILLION in BTC to three new addresses.
— Arkham (@ArkhamIntel) March 25, 2024
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
Bitcoin Wallet Transfers $6 Billion in Bitcoin
Initially funded with 94,500 BTC ($6.05 billion) in 2019, the address remained untouched until last weekend when it was split and distributed across three new addresses, according to blockchain analytic firm Arkham. This left only 1.4 BTC ($99,000) in the original wallet.
Initially, the funds were split between two wallets, one of which was relocated to a new wallet while the other was divided and distributed to two additional ones. Now, the funds are spread across three wallets, with $5 billion in one and the remainder split between the other two.
This particular wallet, unlike many associated with exchanges, exhibits minimal activity and shows no signs of exchange affiliation. Miguel Morel, CEO of Arkham, noted the unusual prolonged inactivity, typically not seen without adjustments or movement of cold storage. Ordinarily, there would be some exchange-related activity.
The significant Bitcoin transfer took place just days before BTC surged past $70,000 on March 25, marking its first ascent to that level in 10 days.
Investor interest in Bitcoin has been growing, with a resurgence in accumulation off exchanges. Supply on Coinbase dropped to a nine-year low of 344,856 BTC on March 18. Analysts suggest that while Bitcoin had already reached its all-time high prior to the halving, the anticipated reduction in supply issuance still impacts market pricing.
BTC’s ongoing price rally is mainly fueled by anticipation surrounding the halving event and increased institutional inflows, particularly from newly launched Bitcoin exchange-traded funds (ETFs) in the United States.
Data from Dune indicates that Bitcoin ETFs now hold a combined total of $58.3 billion in on-chain holdings, accounting for 4.17% of the current BTC supply.