Blockchain investigator firm Arkham Intelligence announced on March 25 that the fifth-richest Bitcoin whale had moved 94,504 BTC worth $6.05 billion to three new addresses.

The Bitcoin wallet address, also dubbed 37X, has been dormant since 2019.

37X Activated: Bitcoin Whale Holds 1.31 BTC After Transfer
Arkham Intelligence revealed in an X post that the Bitcoin whale began the transfer on March 23. In total, the whale sent 94,504 BTC, allocating $5.03B, $561.46M, and $488.40M worth of BTC to three new wallet addresses.

However, the Bitcoin Whale has recorded minimal on-chain interactions since October 8, 2019, and shows no indications of being associated with an exchange.

This is the fifth-richest Bitcoin wallet address, according to archives from Bitinfocharts.

Bitcoin Whale
Anonymous BTC address ranked as the fifth-richest Bitcoin wallet.
Meanwhile, the wallet address that received $5.03B worth of BTC from this Bitcoin whale now ranks as the sixth-richest Bitcoin address, with 78,317K BTC.

It should be noted that such a big transfer from a three-year-long inactive wallet is not the first in recent months.

On January 5, an unknown whale transferred 26.9 BTC (worth $1.17M at that time) from Binance to the public address of Bitcoin Genesis Block. Another sizeable BTC transfer from an inactive wallet sent 6,500 BTC to new addresses in November 2023.

Bitcoin Interest Heats Up with Spot Bitcoin ETF & Upcoming Halving Event
Retail and institutional investors have all taken a shine to Bitcoin following the approval of spot Bitcoin ETFs and the forthcoming Bitcoin halving event scheduled for April 2024.

Bitcoin halving is a quadrennial event that halves the pace at which new coins are released into the market. This makes the current supply of BTC scarcer over time and potentially drives up prices.

A price retracement often accompanies the build-up to Bitcoin halving.

Many market analysts argue that the explosion of spot Bitcoin exchange-traded funds (ETFs) could soften the anticipated price drop. This also aligns with the belief of analysts that the approval of spot Bitcoin ETFs would reduce the power of whales and increase stability.

According to a recent Dune report, Bitcoin ETFs have recorded $58.3B in on-chain holdings, representing 4.17% of the current BTC supply.