5th-Largest Bitcoin Wallet Breaks Dormant Spell with $6B Move

• The fifth-largest Bitcoin address has moved for the first time in over four years.
• The wallet awakening has unsurprisingly sparked concern among investors as the whale sits on a massive profit.
• Despite fears, the move has yet to trigger a price reaction.

Volatile periods in the crypto market are often characterized by whale movement, and recent weeks have been no different, with whales shifting between accumulation and distribution. Amid this dance, however, a recent move by one of the largest Bitcoin wallets has turned heads.

Massive Bitcoin Move Ends Over 4-Year Dormant Spell

As recently highlighted by crypto analytics platform Arkham Intelligence, the fifth-largest Bitcoin wallet, has moved for the first time since 2019, almost sending out its entire balance of about 94,500 BTC worth over $6 billion at current prices to three new addresses.

The address starting “37X” moved over the weekend on Saturday, March 23, sending about $5 billion worth of BTC to one address while effectively splitting the remaining $1 billion worth of assets across two other wallets. Following the move, the original whale address has only 1.4 BTC worth about $100,000 left.

The recent move has unsurprisingly turned heads in the crypto space, with some anticipating a sell-off. The sentiment comes as long-dormant wallets typically sit on huge unrealized profits. For instance, the address starting “37X” was sitting on a 600% profit as the 94,500 BTC stash was initially purchased for a little under $1 billion in 2019.

Despite these fears, the move has not triggered any converse price reaction. Instead, Bitcoin has surged about 11% since, from lows of about $63,000 on Saturday to around $70,400, per CoinMarketCap data at the time of writing.

On the Flipside

• The reason for the recent dormant wallet move remains unclear.
• There is no evidence to suggest that the moved Bitcoins have found their way to exchanges.

Why This Matters

Whales can significantly impact the crypto market with their trades because of the sheer amount of assets they control. Knowing about the moves of wallets like “37X” could be crucial for investors who participate in the market daily.

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