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Arkham Intelligence recently announced that the fifth-richest Bitcoin whale had moved 94,504 BTC worth $6.05 billion to three new addresses. The Bitcoin wallet in question, known as 37X, had been inactive since 2019. The transfer began on March 23, with the whale allocating $5.03 billion, $561.46 million, and $488.40 million worth of BTC to the three new wallet addresses. The wallet now only holds 1.31 BTC valued at $92.7K after the transfer. The Bitcoin whale has had minimal on-chain interactions since October 2019 and does not appear to be associated with any exchanges. The wallet that received $5.03 billion is now the sixth-richest Bitcoin address with 78,317K BTC.

The significant transfer from the long-dormant wallet is among other notable moves in recent months. In January, an unknown whale transferred 26.9 BTC (worth $1.17 million at the time) from Binance to the public address of the Bitcoin Genesis Block. Another large BTC transfer involved 6,500 BTC moving from an inactive wallet to new addresses in November 2023. Bitcoin interest has been on the rise due to the approval of spot Bitcoin ETFs and the upcoming Bitcoin halving event scheduled for April 2024. The halving reduces the pace at which new coins are released, making BTC scarcer over time and potentially increasing prices. Market analysts suggest that the explosion of spot Bitcoin ETFs could mitigate the expected price drop associated with the halving by reducing whale power and increasing stability.

According to a Dune report, Bitcoin ETFs hold $58.3 billion in on-chain holdings, representing 4.17% of the current BTC supply. Popular crypto analysis firm Rekt Capital detailed the five phases of the upcoming Bitcoin halving event, with the first phase being pre-halving downside characterized by bearish price movements as investors anticipate the event. The second phase is the pre-halving rally, where significant price increases are recorded due to traders and investors seeking to capitalize on the hype surrounding the halving. The current market phase, the pre-halving retracement, involves investors exiting their positions due to sell pressures. The post-halving stages include re-accumulation, followed by a parabolic uptrend as the market adjusts to the halving event.

Overall, the recent activity involving the fifth-richest Bitcoin whale’s significant transfer to new addresses has garnered attention in the crypto community. The interest in Bitcoin has been further fueled by the approval of spot Bitcoin ETFs and the upcoming halving event, which is expected to impact market dynamics and potentially drive up prices. As the crypto market continues to evolve, the movements of large Bitcoin holders and market trends will continue to be closely monitored by analysts and investors alike. The future implications of these developments remain to be seen as the crypto market landscape undergoes shifts and transformations.

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