Crypto News

This Bitcoin whale moves $6 billion in BTC

This Bitcoin whale moves $6 billion in BTC

A Bitcoin whale has transferred more than $6 billion worth of BTC to three newly created addresses, arousing interest among the crypto community.

The transaction, first reported by the blockchain research site Arkham Intelligence, consisted of $5.03 billion worth of BTC being sent to one address (bc1q8yj), followed by $561.46 million and $488.40 million for the other two addresses (bc1q6m5 and bc1q592).

The wallet responsible for transferring the $6 billion worth of BTC was ranked as the sixth wealthiest Bitcoin address, with over 94,500 BTC. The transaction did not involve exchanging funds between wallets that are connected to each other, which decreases conjecture about the intentions of the large investor.

Meanwhile, BlackRock’s Bitcoin wallet has been rapidly accumulating Bitcoin as a result of the high demand for its iShares Bitcoin Trust (IBIT).

Although the ETF was introduced in mid-January 2024, BlackRock now has 243,126 BTC for the fund. As a result, BlackRock has become one of the major institutional investors of Bitcoin (BTC), ranking only behind centralized exchanges such as Binance, Bitfinex, Coinbase, and fellow Bitcoin ETF issuer Grayscale.

The continuous and strong demand for the IBIT ETF has the potential to exceed these entities, leading to a favorable influence on the price of Bitcoin.

Currently, Bitcoin’s market price is over $65,500, reflecting an increase in value over the last 24 hours as reported by CoinMarketCap.


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