One of the largest Bitcoin ($BTC) whales, known only by their address starting with “37X” on the cryptocurrency’s blockchain, has recently moved over $6 billion worth of BTC in a mysterious move.

According to data shared by popular on-chain analytics firm Arkham Intelligence, first reported by Cointelegraph, the major Bitcoin whale’s address, 37X, held on March 23 Bitcoin’s fifth-largest balance on-chain, amounting to 94,500 Bitcoin. The funds were moved to three new addresses in their first on-chain activity since 2019.

Arkham Intelligence detailed on the microblogging platform X (formerly known as Twitter) that the whale sent $5.03 billion worth of Bitcoin to an address starting with “bc1q8yj,” around $561 million to an address starting with “bc1q6m5” and around $488 million to an address starting with “bc1q592” that then saw additional movement.

The whale’s movement came after the price of the flagship cryptocurrency started recovering from a dip after hitting a new all-time high above the $73,000 mark that saw it drop to $61,000. Bitcoin is at the time of writing trading at $70,200.

The identity of the owner behind 37X remains unknown, and the reasons for this large-scale transfer are yet to be determined, however the large transaction was quickly noticed by various market observers who started speculating on it.

The transactions also came after cryptocurrency investment products saw outflows totaling $942 million over the past week, after seven weeks of inflows that totaled more than $12 billion amid “hesitancy” among investors that came as a result of a recent cryptocurrency market correction.

Bitcoin-focused investment products suffered $904 million of outflows, while Ethereum-focused products saw $34.2 million of outflows. Altcoins including Solana and Cardano also saw outflows of $5.6 million and $3.7 million respectively, with multi-asset products seeing $7.3 million of outflows.

Notably, investment products offering exposure to XRP saw $1.2 million of inflows, while those offering exposure to Polkadot ($DOT) saw $5 million of inflows.

Last Friday, Coinbase Research shed light on a potential source of selling pressure that could be influencing the spot Bitcoin ETF market. The bankruptcy estate of Genesis Global is reportedly gearing up to sell a substantial chunk of GBTC shares, separate from the shares pledged as collateral for a loan from Gemini Earn users.

While the dots have yet to be officially connected, the timing of the significant changes in GBTC shares outstanding is certainly raising eyebrows.

Featured Image via Pixabay