A mysterious Bitcoin address is accumulating BTC as the race to new all-time highs continues. According to data from Bitinfocharts, the whale’s wallet currently holds more than 54,164 BTC, worth about $3.2 billion.
“Whales” are investors who hold large amounts of cryptocurrency. Because of the size of its Bitcoin holdings, the whale’s movements are attracting a lot of attention among blockchain sleuths, especially on cryptocurrency Twitter.
Last April, an early Bitcoin wallet moved more than $11 million in BTC after being dormant for 12 years. In the same week, another Bitcoin wallet moved $8 million in BTC after 10 years of inactivity. Last November, another Bitcoin whale made waves after analysts discovered a wallet holding $450 million in Bitcoin.
This whale is “Mr. 100” may not be a single investor. This may belong to an investment fund or one of the large banks that supports one of the several spot Bitcoin ETFs currently available.
“It’s certainly possible, but I think it’s unlikely,” said Chris Martin, head of research at Amberdata. decryption. “All ETFs have shared their addresses publicly, so it would be strange if they didn’t share these addresses.”
According to Amberdata, the wallet has been accumulating Bitcoin since November 2022 using Binance and KuCoin.
The U.S. government has also amassed a huge amount of Bitcoin, currently estimated to be worth more than $12 billion, but Martin does not believe the Biden administration is behind this address. One thing to say: the digital assets come from Binance and KuCoin.
“It may be safe to exclude U.S. companies or banks,” Martin said. “I wouldn’t be surprised if it was some kind of fund.”
Hong Kong is considering 31 applications for cryptocurrency custodians, he noted.
Martin also said he doesn’t believe the wallet is anyone hoarding money in preparation for the upcoming Bitcoin halving in April.
“I would say no. They may only be supporting price increases rather than accumulating tokens for a specific event,” he said.
“I think it’s interesting that they generally received the same amount of money (around 100 BTC) for every transaction throughout their existence,” Martin added. “The reason they chose 100BTC is beyond me… it may be a limitation of the funding source.”
‘Mister. 100-inch Whale Wreck, Rising sentiment in the cryptocurrency market, and numerous companies loading on Bitcoin indicate that the bull market may indeed be starting again.
Edited by Ryan Ozawa.
