Whale alert! Suspected Huobi wallet moves $6 billion in Bitcoin

abdelaziz Fathi

The fifth-largest Bitcoin holding address, referred to as “37X,” transferred more than $6 billion worth of Bitcoin to three new addresses on March 23. The whale moved nearly all of its 94,500 Bitcoin, leaving just 1.4 BTC in the original address, for the first time since 2019, according to Arkham Intelligence.

Bitcoin coins

The transferred coins were distributed as follows: $5.03 billion worth of Bitcoin to the address starting with bc1q8yj, and the remaining to addresses bc1q6m5 and bc1q592, receiving $561.46 million and $488.40 million in Bitcoin, respectively. The bc1q592 address has already forwarded those funds.

“That’s a long time to not reconfigure/move around your customer’s cold storage… most of the time there’s some indication of exchange-related activity,” said Miguel Morel, CEO of Arkham.

This wallet was featured in the top ten BTC wallets by asset size in 2023, ranking it as the sixth largest holder at that time. Since the initial deposit in 2019, these assets had not been moved until this recent transaction. A year later, an OXT user named “Wolf755” claimed the wallet belonged to Huobi (now called HTX). Despite such claims, many blockchain explorers still list the wallet as “unknown.”

Before this recent activity, in November 2023, three Bitcoin whale addresses that had been inactive since November 2017 moved 6,500 BTC, valued at $230 million at that time, to new addresses.

This transaction occurred amid growing institutional interest in Bitcoin, ahead of the anticipated Bitcoin halving event in late April, which is expected to reduce block issuance rewards by half. Despite Bitcoin reaching an all-time high prior to the halving, market participants believe the price has not fully accounted for the impending supply issuance reduction.

Two days after the giant transfer, Bitcoin broke above the $70,000 mark for the first time in ten days on March 25. The resurgence in investor activity has been attributed to the halving anticipation and increased institutional inflows, notably from the launch of ten spot Bitcoin exchange-traded funds (ETFs) in the United States.

Read this next


BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.


BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.


BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.


BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

Retail FX

True Forex Funds now offers Match-Trader and cTrader platforms

Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.

Retail FX

CySEC hits FXORO parent with €360,000 fine

The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.  

Digital Assets

Binance’s CZ in good mood ahead of sentencing, says partner

Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.