• A new Bitcoin holder has recently entered the spotlight, accumulating 118,300 Bitcoin valued at approximately $3.1 billion.
• Industry insiders point to centralized exchange Gemini as a potential candidate for this BTC wallet.
• The timing of the BTC wallet’s transactions aligns with BlackRock’s recent filing for a spot Bitcoin ETF, hinting that the company could be behind the rapid Bitcoin accumulation.
Mysterious Bitcoin Whale Entering Arena
A new Bitcoin holder has recently entered the spotlight, accumulating 118,300 Bitcoin valued at approximately $3.1 billion based on current market evaluations. Data provided by BitInfoCharts reveals this undisclosed BTC wallet now ranks as the third-largest holder of Bitcoin, after Binance and Bitfinex cold wallets.
Potential Identity of New Wallet
Speculation runs rampant concerning the identity of this new Bitcoin whale. Industry insiders point to a likely candidate: a centralized exchange such as Gemini which operates an OTC trading platform for large-scale transactions and may have been executing these transactions for someone else.
The first major transaction of 3400 BTC occurred on May 16th 2023 – almost exactly one month before BlackRock filed for its spot #Bitcoin ETF on June 15th 2023 – fuelling further speculation that BlackRock could actually be behind this rapid Bitcoin accumulation.
Analysis from Blockchain Analysts
George of CryptosRUs observed that “Gemini is likely executing these transactions for someone else” – suggesting that the wallet might be a hot wallet used to complete large purchases rather than belonging to BlackRock directly.
The timing of the BTC wallet’s transactions aligns well with BlackRock’s recent filing for a spot Bitcoin ETF, hinting that the asset management company could be behind this strategic move towards rapid Bitcoin accumulation via an unknown address.