Massive Bitcoin Shift: $6B Moved as 5th Largest BTC Wallet Reactivates After Years of Dormancy

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This week, blockchain observers noticed that the “37X” wallet, once holding the title of the fifth-largest bitcoin wallet, was activated for the first time since 2019. This significant move involved the transfer of 94,504.03 bitcoin into three distinct addresses.

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One of these recipient wallets has now risen to become the sixth-largest bitcoin holder, showcasing a notable shift in the hierarchy of top addresses.

$6 Billion Bitcoin Transaction Rouses ’37X’ Wallet From Slumber, Elevates New Holder

Forty-eight hours ago, the bitcoin (BTC) wallet ranking fifth in size executed a significant transaction, relocating 94,504.03 BTC, valued at over $6 billion, to various addresses, igniting broad conjecture. In Sept. 2023, Bitcoin.com News highlighted this particular address in a piece focused on BTC’s leading ten wallets by assets, noting it as the sixth top holder at that time.

Since being deposited in 2019, the assets remained untouched until now, and in the subsequent year, an OXT user identified as “Wolf755” asserted the bitcoin wallet was owned by Huobi (presently known as HTX). Despite such assertions, numerous blockchain explorers have tagged the wallet as “unknown.”

On Monday, Arkham Intelligence weighed in on the whale’s transaction, remarking, “The 5th richest bitcoin address just moved over $6 [billion] in BTC to three new addresses.” The onchain intelligence firm elaborated further:

$5.03B BTC was sent to bc1q8yj, with addresses bc1q6m5 and bc1q592 receiving $561.46M and $488.40M in BTC respectively. bc1q592 has since sent those funds onward.

The activity occurs amidst a period where significantly large bitcoin whales and longstanding wallets are actively transferring substantial amounts onchain. Around 11 days prior, on March 14, 2024, as BTC soared to its highest peak value of $73,794 per unit, the “37X” wallet held its position as the fifth largest, as per archived records. Currently, 78,317 BTC, valued at $5.5 billion, has temporarily found its home in the “bc1q8” wallet, which ranks as the sixth-largest bitcoin address in the ecosystem.

What do you think about the mega bitcoin whale moving 94,504.03 bitcoin this week? Share your thoughts and opinions about this subject in the comments section below.

Source: news.bitcoin.com.

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