- The fifth-largest Bitcoin whale just moved $6.05 billion worth of BTC in three addresses.
- The transactions occurred on March 23.
- This marks the first activity of the account since 2019.
A Bitcoin address referred to as “37X” that has been dormant since 2019 just showed signs of life when it moved its haul to three new addresses. According to Arkham Intelligence, the transactions were made last Saturday, March 23.
The transfer involved almost all of 37X’s entire balance of 94.5K BTC, which was worth $6.05 billion as of the time of the firm’s report. Only 1.4 BTC was left in the source after the activity.
Happening Before the Bitcoin Halving
Interestingly, the transaction happened as anticipation for the halving builds up, wherein the block rewards of the Bitcoin network will be cut from the present 6.25 BTC per block to 3.125 BTC upon hitting the 840,000th block height around April 20. The reduction in the daily supply production of the digital asset amid its growing institutional interest is expected to trigger a new level of scarcity for Bitcoin, which is forecasted to pump its prices post-halving.
Many experts believe that the current all-time high (ATH) of BTC at $73,750.07 is not yet the top. The consensus is now betting that it might go as far as $100K by the end of 2024 following the foreseen profit-taking and consequent correction taking place around the halving event.
D8X Co-Founder Basile Maire confirmed that the reduction in BTC issuance is not yet priced in the charts. His analysis was grounded on the simple law of supply and demand.
Basile, however, boldly advances the $100K target for BTC to May, which is only a month after the halving. He cited the surge in open interest for $100K as his basis.
The D8X co-founder also noted how the upcoming US presidential election might shake up positive changes in the crypto market. On the way to the historic national event, he said policymakers may want to ensure that the traditional markets don’t crash, or else, it will backfire on the incumbent president, Joe Biden. This, in turn, will favor the crypto community, particularly Bitcoin, because of BTC’s higher correlation to traditional finance nowadays, thanks to spot exchange-traded funds (ETFs) correlated with the price movements of the digital currency.
Speaking of ETFs, Basile stated that their issuers have been buying 10 times more Bitcoin on a daily basis than what miners produce within the same timeframe. Right now, the average daily production of the digital coin is 900 BTC. The halving will cut the numbers to 450 BTC, which will certainly assert more buying pressure in the market and push Bitcoin prices up.