$351 million in Bitcoin (BTC) was mysteriously moved, sparking speculation from U.Today

U.Today – In a move that has sparked interest in the cryptocurrency industry, 5,000 BTC worth approximately $351 million were mysteriously transferred between wallets.

This large transaction has sparked curiosity as the price stabilized above $70,000 after fluctuating moves throughout the week.

Crypto data tracker Whale Alert reports that “5,000 BTC worth $351,342,888 were transferred from an unknown wallet to an unknown wallet.”

The transaction involved a Bitcoin whale – a term that describes holders of large amounts of cryptocurrency – who transferred the sizable sum to another whale's wallet.

While the crypto community is watching closely, the true motive behind the transfer remains a mystery. Whether this is the start of a larger market development, just a routine transfer, or an OTC transaction taking place outside of a crypto exchange remains to be determined.

The latest move adds to ongoing speculation that Bitcoin whales are accumulating more BTC instead of selling. CryptoQuant CEO Ki Young Ju draws attention to whales' accumulation of Bitcoin, noting in an X post that BTC whales don't appear to be selling.

Bitcoin price is stabilizing as the halving approaches

Bitcoin, the largest cryptocurrency by market capitalization, appears stable, trading above $70,500 as outflows from the Grayscale Bitcoin Trust (GBTC) pick up again. At the time of writing, BTC increased by 0.86% to $70,895 in the last 24 hours.

Traders are expecting significant price stability for Bitcoin over the next few weeks of April, especially with the upcoming BTC halving. Between April 18th and April 21st, BTC mining rewards will be reduced from 6.25 BTC to 3,125 Bitcoins.

Halving, a technical event that occurs approximately every four years on the Bitcoin network, reduces the supply of the cryptocurrency by half, creating a shortage. Historically, it marks the beginning of a new cycle and bull run, but this one looks a little different.

What's special about this halving is that Bitcoin has already surpassed the previous cycle's high, which has never happened before in this halving event, making predicting the length of this cycle much more difficult.

This article was originally published on U.Today