The attention of the crypto community has been drawn to a Bitcoin Whale who recently moved a large part of their BTC Holdings in different portfolios. This action aroused the community’s curiosity about the reason for these transactions.
Bitcoin whale moves US$6 billion in BTC
Arkham Intelligence Blockchain Analytics Platform first brought this occurrence to the community’s attention when he mentioned in an X (formerly Twitter) post that the Bitcoin address (37XuVSE) had moved more than $6 billion in BTC to three new addresses.
As part of the transactions, $5.03 billion in BTC was sent to one of these addresses (bc1q8yj), while the other two addresses (bc1q6m5 and bc1q592) received $561.46 million and $488.40 million in BTC, respectively. Arkham added that one of the wallets (bc1q592) has since transferred the funds received to another wallet.
Notably, the portfolio that handled $6 billion in BTC was until now the fifth richest Bitcoin address having held over 94,500 BTC in his wallet. At the moment, you still have 1.31 BTC in the wallet in question. Interestingly, until now, this address was inactive, as it had not moved any BTC it received since 2019.
Transactions of this magnitude will always cause a stir in the crypto community, considering the impact these whales can be on the market. Typically, a move like this can cause community members to speculate that the whale may be looking for download your tokens and make profits. However, the fact that these transactions were not made in wallets linked to exchanges suppressed such speculation.
Another BTC whale on the rise
Bitcoinista recently reported in BlackRock’s Bitcoin wallet, which continued to accumulate Bitcoin at an astonishing rate due to the impressive demand for its iShares Bitcoin Trust (IBIT). Despite launching this ETF in mid-January 2024, BlackRock now holds 243,126 BTC for the fund.
BlackRock’s BTC holdings have grown to become one of the largest corporate holders of BTC, behind only centralized exchanges Binance, Bitfinex and Coinbase and peers Grayscale Bitcoin ETF Issuer. Sustained demand for the IBIT ETF could, however, see BlackRock overtake these entities at some point.
This is also something that could reflect positively on the price of Bitcoin, as institutional demand as the flagship crypto helped propel it to new highs.
At the time of writing, Bitcoin is trading at around $70,500, an increase in the last 24 hours, according to data from CoinMarketCap.
BTC price recovers above $71,000 | Source: BTCUSD on Tradingview.com
Featured image from Forbes, chart from Tradingview.com
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