Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been Exposed
December 01 2023 - 7:00AM
NEWSBTC
The attention of the crypto community has been drawn to a
particular whale that has been accumulating Bitcoin for some time
now. The magnitude of the whale’s holdings has left many wondering
who it might be and the reason for the accumulation. Bitcoin
Whale Accumulates Over 10,000 BTC In November In a post on his X
(formerly Twitter) platform, popular Bitcoin investor Lark Davis
revealed details about the “mystery whale” who had been
accumulating Bitcoin. Interestingly, the wallet (bc1qch) had
accumulated over 10,000 BTC in November. On-chain data also showed
that the wallet currently holds over 12,000 BTC ($460
million). Related Reading: Shiba Inu L2 Shibarium Crosses 4
Million Transactions As Burn Rate Explodes Following this
revelation, many began to speculate on who the owner of the wallet
was and the reason for such accumulation. Lark suggested that it
could be institutional investors looking to “front-run the Spot
Bitcoin ETF approval.” Some were of the opinion that it could be
one of the Spot Bitcoin ETF filers who were preparing ahead of a
possible approval. Irrespective of who the owner was,
many felt it was a good sign of things to come for the crypto
market. That is because the accumulation showed that there was
still a huge demand for the flagship cryptocurrency. One could have
also inferred that the whale was possibly loading up their bags
ahead of the bull run which some project is around the
corner. The bullish sentiment was also ignited by the fact
that the wallet had not sent out any BTC since it began
accumulation at the end of October. That instantly suggests
that the whale was in it for the long term rather than looking to
make quick profits. BTC price crosses $38,500 | Source:
BTCUSD on Tradingview.com BitMEX The Mystery Whale The mystery
around who the whale might be seems to have been resolved. The
wallet is reported to belong to the crypto exchange BitMEX. The
exchange is also said to have been simply moving its Bitcoin
holdings to this new wallet, which forms part of the exchange’s
cold wallet. Related Reading: XRP Price Prediction:
Analyst Identifies 3 Key Factors That Will Trigger Parabolic Move
This is a real possibility, considering that some of the inflows
into the wallet came from a particular BitMEX wallet (bc1qm).
ZachXBT, a prominent blockchain investigator, also stated that the
wallet belongs to the crypto exchange. He referred to an X post,
which noted that the wallet address in question was included in
BitMEX’s proof-of-reserves. If so, then there isn’t so much
meaning to read into the accumulation. It has become standard
procedure for these exchanges to have proof of reserves as evidence
of enough liquidity on their platform. These reserves are usually
proportional to the users’ assets on the exchange. Featured
image from ACS Information Age, chart from Tradingview.com
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