Five-ranking address “37X” transferred more over $6 billion in Bitcoin to three new addresses. On March 23, the whale removed virtually all of its $6.05 billion (94,500 Bitcoins) from the original address, leaving only 1.4 Bitcoins.
The transfer took place as interest in Bitcoin among more institutions increased due to the impending halving, which would cut block issuance incentives in half in 25 days. Even though the price of Bitcoin hit an all-time high prior to the halving, analysts contend that the reduction in incoming supply issuing still has to be completely factored in.
Two days before Bitcoin recaptured the $70,000 price level on March 25, there was a movement of more than $6 billion in Bitcoin. The expectation of the halving and rising institutional inflows from the ten-spot Bitcoin exchange-traded funds (ETFs) in the US are the primary drivers of the current boom in bitcoin.
Dune data shows that the combined on-chain holdings of Bitcoin ETFs have reached a total of $58.3 billion, or 4.17% of the current BTC supply. The surge in Bitcoin has been accelerated by significant institutional investments.
CoinMarketCap reports that during the course of the day, Bitcoin increased 5.8%, closing at $70,900.
The latest price spike has reinforced Bitcoin’s standing as the top cryptocurrencycurrency, and it has been spurred by the big whale transfer and institutional interest surrounding the impending halving.
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