Fifth-Largest Bitcoin Whale Makes $6.05 Billion Transfer Amidst Halving Anticipation

The fifth-largest Bitcoin (BTC) whale recently transferred $6.05 billion worth of BTC in three different transactions on March 23rd. The dormant Bitcoin address "37X" moved nearly its entire balance of 94.5K BTC, leaving only 1.4 BTC behind. This activity occurred just before the anticipated Bitcoin halving event, where the block rewards for the Bitcoin network will be halved, which experts believe could further drive demand and push prices even higher.

Fifth-Largest Bitcoin Whale Transacts $6.05 Billion in Major Transfer

March 25, 2024 – A dormant Bitcoin address labeled "37X" has recently revived its activity, transferring $6.05 billion worth of BTC to three new addresses. Arkham Intelligence reports the transactions occurred on March 23.

The "37X" address had been inactive since 2019, holding an estimated 94.5K BTC. The transfer effectively liquidated the account, leaving a mere 1.4 BTC.

Transaction Context: Halving Anticipation

This significant movement coincides with growing anticipation surrounding the upcoming Bitcoin halving, scheduled for April 20. During the halving, the block rewards for Bitcoin miners will be reduced from 6.25 BTC to 3.125 BTC.

Experts speculate that this supply reduction, coupled with increasing institutional adoption, could trigger an enhanced scarcity for Bitcoin, potentially boosting its price in the aftermath.

BTC Price Projections and Catalysts

Many analysts anticipate that Bitcoin's all-time high of $73,750.07 may not represent its peak. Consensus estimates suggest a potential surge towards $100k by the end of 2024, following a period of profit-taking and correction around the halving event.

Basile Maire, Co-Founder of D8X, emphasizes that the impact of reduced BTC issuance has not yet been fully reflected in market valuations, based on the fundamental principles of supply and demand.

Maire forecasts a bolder $100k target for Bitcoin by May, just a month after the halving, citing increased open interest at that price point.

He also underscores the potential influence of the upcoming US presidential election on the crypto market. Policymakers may prioritize market stability to avoid undermining their positions, which could benefit the crypto industry and Bitcoin in particular, due to its growing correlation to traditional finance through spot exchange-traded funds (ETFs).

ETF Influence and Bitcoin Supply Dynamics

Maire further notes that ETF issuers have been purchasing approximately 10 times more Bitcoin daily than miners produce. This demand, coupled with the halving's supply reduction, will likely exert significant buying pressure on the market, propelling Bitcoin prices upwards.

The current daily production of Bitcoin stands at 900 BTC, which will be halved to 450 BTC post-halving, exacerbating the demand-supply imbalance and further bolstering the bullish case for Bitcoin.