Fifth Richest Bitcoin Address Transfers $6 Billion in BTC Amid Surge Past $70K

Over the weekend, the fifth richest Bitcoin address transferred $6 billion worth of the asset to three new wallets.

The transfer occurred amid increased institutional interest in BTC, driven perhaps by the upcoming halving in April.Initially funded with 94,500 BTC in 2019, the address remained untouched until last weekend when it was split and distributed across three new addresses, according to blockchain analytic firm Arkham. This left only 1.4 BTC in the original wallet.37X moved almost its ENTIRE BALANCE of 94.5K BTC in the early hours of Saturday 23rd March, leaving only 1.4 BTC in the address.

Unlike most large Bitcoin addresses associated with exchanges, this wallet has minimal activity and shows no signs of being linked to any exchange. Miguel Morel, CEO of Arkham, mentioned that it was unusual for a wallet to remainfor such a prolonged period without reconfiguring or moving the customer’s cold storage. Typically, there would be some indication of exchange-related activity.

The ongoing rally in BTC’s price is primarily attributed to anticipation surrounding the halving event and increased institutional inflows, particularly from the newly launched Bitcoin exchange-traded funds in the United States.that Bitcoin ETFs now hold a combined total of $58.3 billion in on-chain holdings, constituting 4.17% of the current BTC supply.

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