Bitcoin Whale Moves 94,504 BTC Worth IDR 95 Trillion To Three New Addresses

JAKARTA - blockchain analytics firm Arkham Intelligence announced on March 25 that the fifth-largest Bitcoin whale had moved 94,504 BTC worth $6.05 billion (Rp95.24 trillion) to three new addresses.

The address of the Bitcoin wallet, also known as 37X, has long been inactive since 2019. However, the Bitcoin whale has recorded minimal on-chain interactions since October 8, 2019, and shows no indication of association with any crypto exchanges.

Arkham Intelligence revealed that the Bitcoin whale began transferring on March 23. In total, the whale shipped 94,504 BTC, with three Bitcoin transfers worth $5.03 billion each (Rp79.45 trillion), $561,46 million (Rp8.86 trillion), and $4488,40 million (Rp7.71 trillion) to three new wallet addresses.

The on-chain intelligence company also revealed that after sending tens of thousands of Bitcoins, the Bitcoin wallet address now only leaves 1.31 BTC valued at 92.7 thousand (IDR 1.46 billion).

Interest In Bitcoin Increases Ahead Of Halving

Retail and institutional investors are all interested in Bitcoin after the approval of the Bitcoin spot ETF and the upcoming Bitcoin halling event is scheduled for April 2024.

Halfing Bitcoin is a four-year event that reduces the speed of new coin releases to market. This makes the supply of BTC currently increasingly scarce over time and has the potential to increase prices.

Price drops often accompany an increase in Bitcoin prices ahead of haloing. Many market analysts argue that the Bitcoin spot ETF boom could weaken the anticipated price drop. This is also in line with analysts' belief that the Bitcoin spot's ETF approval will reduce whale power and increase stability.

According to a recent report from Dune, Bitcoin's ETF has recorded $58.3 billion (Rp920.36 trillion) in on-chain assets, representing 4.17% of BTC's current supply.

Last month, popular crypto analysis firm Rect Capital explained that the upcoming Bitcoin halving consists of five phases. The first phase is referred to as a pre-halving decline, which sees a bearish price move as investors anticipate a halving event.

The second stage is the pre-halving rally, which recorded a large BTC price increase as short-term traders and investors want to take advantage of the mainstream halling hype. The third stage is pre-halving retracement, which is believed to be the current market phase. This stage involves investors getting out of their position due to selling pressure.

The fourth phase, known as re-accumulation, is predicted to start after the halving takes place and will see the stagnant price movement of BTC, followed by the fifth stage, an increase in parabolic prices. To date, Bitcoin has become the world's largest crypto asset in terms of market capitalization.