The attention of the crypto community has been focused on a bitcoin whale who recently moved a large part of their bitcoin-holdings-exceed-3-billion-interest-swells-for-pepe-challenger/” rel=”nofollow”>btc Holdings in different wallets. This action has sparked the community's curiosity about the reason for these transactions.
bitcoin Whale Moves $6 Billion in btc
bitcoin-trust/” rel=”nofollow”>Arkham Intelligence blockchain analysis platform He first brought this fact to the community's attention when he mentioned in an X (formerly Twitter) post that the bitcoin address (37XuVSE) had moved over $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. bitcoin-etf-addresses-disclosed/” rel=”nofollow”>arkham He added that since then one of the wallets (bc1q592) proceeded to transfer the funds received to another wallet.
In particular, the wallet that moved $6 billion in btc was until now the fifth richest bitcoin address having had more than 94,500 btc in his wallet. As of now, you still have 1.31 btc in the wallet in question. Interestingly, until now, this address was inactive as it had not moved any of the btc it received since 2019.
Transactions of such magnitude will always cause a stir in the crypto community, considering the impact such whales can have on the market. Typically, a move like this can cause community members to speculate that the whale might be searching Download your tokens and make profits. However, the fact that these transactions were not made in exchange-linked wallets has quelled such speculation.
Another btc whale on the rise
Bitcoinist bitcoin-etf-beats-okx-and-kraken-holdings/” rel=”nofollow”>recently reported in BlackRock's bitcoin wallet, which has followed bitcoin-etf-gobbles-up-nearly-196000-btc/” rel=”nofollow”>accumulate bitcoins at a surprising rate due to the impressive demand for its bitcoin-ablaze-data-reveals-robust-demand-for-etfs/” rel=”nofollow”>iShares bitcoin Trust (IBIT). Despite only launching this ETF in mid-January 2024, BlackRock now owns 243,126 btc for the fund.
BlackRock's btc holdings have seen it grow to become one of the largest corporate holders of btc, behind only centralized exchanges Binance, Bitfinex, and Coinbase and their peers. bitcoin-reaches-largest-discount-ever/” rel=”nofollow”>Grayscale bitcoin ETF Issuer. However, sustained demand for the IBIT ETF could see BlackRock overtake these entities at some point.
This is also something that could reflect positively on the price of bitcoin, as institutional demand for the flagship cryptocurrency has helped propel it to new highs.
At the time of writing, bitcoin is trading at around $70,500, up in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
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btc price recovers above $71,000 | Source: BTCUSD on Tradingview.com
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