Bitcoin price surges above $70.000 as whale moves $6 billion in BTC

Another eventful day in the crypto market as the Bitcoin (BTC) price has surged above a total value of $70.000 again. Interestingly, dubious on-chain activity was noted on the 25th of March as one of the largest whales on the Bitcoin network moved over $6 billion worth of coins. A very significant transaction that piqued the interest of BTC investors and crypto analysts.

Last monday the BTC price shot up back above the $70,000 mark. An important feat for the coin since the level is known for facing heavy resistance. Investors are therefore looking for a further confirmation of the price surge and the development of support on the $70,000 price. This can help fuel Bitcoins momentum into achieving new all time hughes in the near future. 

Bitcoin ETFs back to net capital inflow

Possible reason for the uplift in price action is the change in money flow regarding the Bitcoin Spot Exchange Traded Funds (ETFs). The popular funds saw a significant outflow of capital in the past days, resulting in a falling BTC price. However, since Monday the net inflow of capital is positive again for the ETFs. Meaning that more money is flowing in than that is leaving the exchanges, hence giving BTC the opportunity to climb back above the $70.000 price level. On Monday a total of $15.4 million flowed into the funds, compared to an outflow of $51.6 million the day before. 

94,500 BTC tokens moved by whale

While the BTC price was moving up a large whale transferred an immense amount of coins. The so called “37X” whale, which is the 5th largest Bitcoin wallet on the network, managed to transfer around 94,500 BTC tokens. These coins amount to a total value of  over $6,6 billion. Almost all the tokens in the wallet were sent to other addresses, leaving only 1.4 BTC in the old wallet. 

Unclear what reason is for large BTC transaction

In total three different wallets received the remaining BTC tokens, where one received over $5 billion worth of Bitcoins and others received around $560 million and $488 million of the coin. It is still unclear what the reason is for the movement of the Bitcoins. The receiving addresses are not registered as exchanges or confirmed to be. Therefore it is not certain if the whale has intended to sell, possibly it consists of a redistribution of tokens. 


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