Bitcoin Whale Moves Over $6B Worth of BTC To Three New Addresses

Mar. 27, 2024
Bitcoin Whale Moves Over $6B Worth of BTC To Three New Addresses

According to a March 25 X post by Arkham Intelligence, the 5th richest Bitcoin address, known cryptically as “37X,” transferred nearly its entire balance of 94,500 BTC, valued at $6.05 billion, on March 23, leaving only 1.4 Bitcoin in the initial address. The move sent ripples through the crypto community, as the large sum had seen no movement since its acquisition in 2019.

Initially, whale split the funds into two amounts and sent them to two different wallets. Then, one amount was transferred to the new wallet, and the other amount was further divided and transferred to two more wallets. As a result, the funds are now in three wallets, with one containing $5 billion worth of BTC and the remaining sum roughly divided between the other two.

Arkham Intelligence stated:

“$5.03B BTC was sent to bc1q8yj, with addresses bc1q6m5 and bc1q592 receiving $561.46M and $488.40M in BTC respectively. bc1q592 has since sent those funds onwards.”

Bitcoin Transfer
Fifth-largest BTC address flows. Source: Arkham

Bitcoin Transfer Raises Speculation About The Identity

The transfer has led to speculation about the identity of the owner of the wallet. This is because most large BTC addresses typically link with crypto exchanges. However, this wallet exhibits few interactions and shows no signs of association with an exchange.

This significant BTC wallet transfer is the first notable one in recent months. In January, someone transferred 26.9 Bitcoin (worth $1.2 million at the time) from Binance to the Bitcoin network’s Genesis wallet. Before that, three BTC whale addresses, dormant since November 2017, sent 6,500 BTC ($230 million at the time) to new addresses in November last year.

The latest transfer comes amid growing institutional interest in BTC, driven by the impending Bitcoin halving event, which will halve block issuance rewards. Even though BTC’s price reached a record high before the halving, experts say the market still needs to incorporate the upcoming supply reduction into the price fully.

The over $6 billion transfer occurred two days before BTC reclaimed the $70,000 price level on March 25 for the first time in 10 days. At the time of writing, Bitcoin was trading at $70,369, up 1.70% in the last 24 hours.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.