The emergence of a giant Bitcoin whale named “Mr. 100” has sparked waves of intrigue. This company's wallet, which has grown to include over 52,996 Bitcoins worth over $3.5 billion, has become a focal point for analysts.
Notably, on March 15, this whale surpassed itself by acquiring at least 1,000 BTC. It seized a staggering 52% of all purchases of the top 10 spot Bitcoin exchange-traded funds (ETFs).
Bitcoin Whale Doxxed
Since the collapse of crypto exchange FTX in November 2022, Mr. 100 has been on an aggressive accumulation path. Since mid-February 2023, the company has increased its holdings by at least 100 BTC every day.
Interestingly, the wallet's behavior suggests a broader strategy, with significant transfers from a secondary wallet following a similar pattern since 2019. This revelation positions Mr. 100 as a seasoned player who has been active in the crypto market long before the current bull market.
Bitcoin holdings of Mr. 100. Source: Blockchain.com
Speculation about the true nature of Mr. 100 abounds, ranging from a Hong Kong financial institution laying the foundation for Bitcoin ETFs to Middle Eastern sovereign wealth funds to a tech titan's covert cryptocurrency venture. Despite all the conjecture, Arkham Intelligence's investigation provides a compelling theory.
The blockchain forensics platform identified Mr. 100's wallet as an Upbit cold wallet. This classification arises from the wallet's transactions and its association with other Upbit addresses, which represents the operating pattern of a typical exchange cold wallet.
“Mr. 100 is actually an Upbit cold wallet. This is due to the strong and consistent connections to other Upbit wallets, which follow the pattern of a typical exchange cold wallet. The 'Mr. 100' address receives the 100 BTC “Inflows primarily from large-scale Upbit deposit wallets. Some of its outflows also fund Upbit hot wallets used for customer withdrawals,” Arkham Intelligence analysts said.
Read more: Who will own the most Bitcoins in 2024?
Upbit cold wallet. Source: Arkham Intelligence
Arkham Intelligence's commentary demystifies the mystery surrounding Mr. 100, suggesting that it is not the embodiment of a single company's strategic market play, but rather the machinations of an established cryptocurrency exchange. This sheds light on the crucial role of cold wallets in securely managing digital assets.
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