Bitcoin whale moves more than $6bn

Analysts noticed that 94,500 BTC had been moved to three different addresses on March 23.

The world’s fifth-largest Bitcoin (BTC) whale has moved more than $6bn worth of the currency for the first time since 2019.

Cointelegraph reports that the holding address dubbed “37X” has shifted almost its entire holding of 94,500 BTC to three different addresses on March 23, leaving just 1.4 BTC at the original address.

BTC is currently trading at around $70,000, but at the time of the transfer it was beginning to rise from around $64,000 back up to its new $70,000+ peak.

There is currently increased institutional interest in BTC following the regulatory approval of BTC exchange-traded funds (ETFs) and the imminent halving, which will reduce the value of mining one block by half from the end of next month.

Commenting on the emergence of BTC ETFs, Ten Squared partner at digital asset funds Christopher Cheung told Cointelegraph: “The involvement of traditional financial institutions like BlackRock and Fidelity in launching BTC products is further legitimizing cryptocurrency as an alternative asset class. This reduces the ‘career risk’ for investors who were previously hesitant to enter the crypto market.”

Citing data from crypto analytics firm Dune, the publication said that the total value of BTC ETF on-chain holdings is already $58.3bn. That equates to 4.17% of the current BTC supply.

Industry experts have been predicting for some time that BTC’s recent surge could be just the beginning of a larger trend, while other cryptocurrencies are tipped to see similar rises, including Ethereum and XRP.

Popular Canadian rapper Drake recently took to Instagram to share insights on the future of the coin, highlighting comments made by MicroStrategy CEO Michael Saylor in a CNBC interview.

In the interview, Saylor emphasized the advantages of BTC over gold, suggesting that it is poised to surpass gold as the preferred asset for preserving value.

However, some seasoned investors remain cautious after seeing volatile periods in the past.

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Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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