Large Bitcoin Holder Shifts $6 Billion to Three New Addresses
Over the weekend, the fifth wealthiest Bitcoin (BTC) address transferred $6 billion worth of bitcoin to three different addresses.
Arkham, a blockchain analytics firm, reported that this address received 94,500 BTC ($6.05 billion) back in 2019, which remained untouched until now. The transfer split the funds, leaving only 1.4 BTC ($99,000) in the original wallet.
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
Initially, the funds were divided into two amounts across two wallets. Subsequently, one portion was moved to a new wallet, while the other was split again and distributed to two additional wallets. Consequently, the funds are now spread across three wallets, with one holding $5 billion worth of Bitcoin, and the remainder split between the other two.
Unlike many large Bitcoin addresses linked with exchanges, this particular wallet has limited activity and shows no signs of being associated with an exchange.
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Miguel Morel, CEO of Arkham, commented, “That’s a long time to not reconfigure/move around your customer’s cold storage… most of the time there’s some indication of exchange-related activity.”
This significant movement marks the first notable activity in Bitcoin wallets in recent times. In January, an individual sent 26.9 BTC (valued at $1.2 million at the time) from Binance to the Bitcoin network’s Genesis wallet, forfeiting access to the funds. Prior to that, in November 2023, three dormant Bitcoin whale addresses, inactive since November 2017, transferred 6,500 BTC ($230 million at the time) to new addresses.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
