The fifth-largest Bitcoin holding address, known as "37X," has transferred more than $6 billion worth of BTC to three new addresses for the first time since 2019.

On March 23, the Bitcoin whale moved nearly its entire balance of 94,500 Bitcoin, valued at $6.05 billion, leaving only 1.4 BTC in the original address. This information was reported in a March 25 post by Arkham Intelligence, which detailed the transfer of $5.03 billion to address bc1q8yj, with addresses bc1q6m5 and bc1q592 receiving $561.46 million and $488.40 million in BTC, respectively. Subsequently, bc1q592 forwarded those funds.

The transfer coincided with a surge in institutional interest in Bitcoin, fueled by the upcoming Bitcoin halving, scheduled for late April. Despite Bitcoin reaching an all-time high before the halving, the full impact of the reduction in incoming supply issuance has yet to be fully reflected, according to a co-founder of D8X decentralized exchange and former executive director at UBS.

The $6 billion BTC transfer occurred just two days before Bitcoin surpassed the $70,000 psychological price level on March 25 for the first time in 10 days. As investors resumed accumulating BTC off exchanges, the BTC supply on Coinbase reached a nine-year low of 344,856 BTC on March 18.

Bitcoin experienced a 6.4% increase in the 24 hours leading up to 9:53 am UTC, trading at $71,222, according to CoinMarketCap.

The current rally in Bitcoin is largely driven by anticipation of the halving and increased institutional inflows from the ten spot Bitcoin exchange-traded funds (ETFs) in the United States. According to Christopher Cheung, partner at digital asset funds Ten Squared, the involvement of traditional financial institutions like BlackRock and Fidelity in launching BTC products is further legitimizing cryptocurrency as an alternative asset class, reducing the "career risk" for investors who were previously hesitant to enter the crypto market.

According to Dune, Bitcoin ETFs now hold a combined total of $58.3 billion in on-chain holdings, representing 4.17% of the current BTC supply.