The entity that holds the fifth-largest Bitcoin address, commonly referred to as “37X”, has recently made a significant transfer of over $6 billion worth of BTC. This transfer is noteworthy because it is the first time that this Bitcoin whale has moved its funds since 2019.
According to reports, the transfer involved the movement of nearly all of the entity’s Bitcoin holdings, which totaled 94,500 BTC, valued at $6.05 billion on March 23. As per a post by Arkham Intelligence on March 25, the transfer left only 1.4 BTC in the original address. This move has generated a lot of buzz in the cryptocurrency community, with many speculating about the possible reasons behind the transfer and what impact it may have on the market.
One of the top five Bitcoin holding addresses, nicknamed “37X,” has recently transferred over $6 billion worth of BTC to three new addresses. This is the first time this Bitcoin whale has made such a transfer since 2019. On March 23, the whale moved almost its entire balance of 94,500 Bitcoin, which is worth $6.05 billion, leaving only 1.4 BTC in the original address. These details were reported in a March 25th post by Arkham Intelligence.
Bitcoin, the world’s most valuable and widely used cryptocurrency, has been in the news lately for its price movements. Two days before Bitcoin regained the psychological price level of $70,000 on March 25, there was a massive BTC transfer of over $6 billion. This transfer has fueled speculation about the identity of the parties involved and the reasons behind the transfer.
According to CoinMarketCap, Bitcoin rose 6.4% in the 24 hours leading up to 9:53 am UTC and is currently trading at $71,222. This surge in price has once again drawn attention to Bitcoin as an investment option and has led to renewed interest in the cryptocurrency market.
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