A major Bitcoin whale recently transferred a colossal $6 billion worth of BTC across multiple wallets, sparking speculation within the crypto community.
Whale’s Mega-Transaction
Blockchain analysis firm Arkham Intelligence revealed that the Bitcoin address 37XuVSE sent $6 billion in BTC to three new addresses:
- bc1q8yj: $5.03 billion
- bc1q6m5: $561.46 million
- bc1q592: $488.40 million
The bc1q592 wallet subsequently moved its funds to another address.
Fifth-Largest Whale Now Depleted
The 37XuVSE address was previously the fifth-largest Bitcoin address, holding over 94,500 BTC. After the transfer, it now holds only 1.31 BTC. This address had been dormant since 2019, making the recent transaction particularly noteworthy.
Market Impact and Speculation
Such large-scale transactions often raise concerns about potential market impact. Some speculate that the whale may be preparing to sell their tokens and take profits. However, the absence of transfers to exchange-linked wallets has somewhat dampened these speculations.
BlackRock’s Growing Bitcoin Holdings
Meanwhile, BlackRock’s Bitcoin wallet continues to accumulate BTC rapidly, driven by demand for its iShares Bitcoin Trust (IBIT) ETF. BlackRock now holds 243,126 BTC for the fund, making it one of the largest corporate BTC holders.
Institutional Demand and Bitcoin’s Price
Sustained demand for the IBIT ETF could propel BlackRock to surpass major exchanges and Grayscale as the largest BTC holder. This institutional demand has historically played a positive role in driving Bitcoin’s price higher.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $70,500, showing a slight increase in the last 24 hours.
