On March 23, the fifth largest Bitcoin wallet by holdings transferred coins worth over $6 billion to three new addresses. This was noted by experts at Arkham Intelligence.
The 5th richest Bitcoin address just moved over $6 BILLION in BTC to three new addresses.
37X moved almost its ENTIRE BALANCE of 94.5K BTC ($6.05B) in the early hours of Saturday 23rd March, leaving only 1.4 BTC in the address.
The 94.5K BTC had not been moved since 37X… pic.twitter.com/mAjpg0oqnD
— Arkham (@ArkhamIntel) March 25, 2024
The 94,500 BTC had remained unmoved since 2019. The outgoing transactions amounted to $5.03 billion, $561.46 million, and $488.4 million. The balance left was 1.4 BTC.
On March 26, the price of the leading cryptocurrency once again exceeded $71,000 amid institutional demand.
At the time of writing, the quotes had adjusted to levels below $70,000.
According to observations by Santiment specialists, Bitcoin’s rebound occurred amid accumulation by large investors.
According to the company, on March 24, whales (holdings from 10 BTC to 10,000 BTC) collectively purchased 51,959 BTC (~$3.4 billion at that time).
Experts at Glassnode noted that as the leading cryptocurrency reached new highs, the daily realized profit from Bitcoin positions exceeded $2.6 billion. This was due to the distribution activity by long-term investors.
The subsequent rollback to $61,000 rendered about 2 million BTC “unprofitable.” The price recovery returned some of these assets to “profit,” analysts noted.
Despite Bitcoin’s correction, JPMorgan stated that the asset is overbought. In February, the bank’s analysts predicted a drop in the leading cryptocurrency to $42,000 after the halving in April.