Tracing the Origins of Bitcoin's Newest $3.1 Billion Wallet
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. It follows closely behind the cold wallets managed by renowned exchanges Binance and Bitfinex.
Speculation runs rampant concerning the identity of this new Bitcoin whale. Industry insiders point to a likely candidate: a centralized exchange. Gemini, in particular, has been named as a potential contender. The BTC wallet in question initiated its Bitcoin transactions on March 8 and has since stockpiled a considerable amount of Bitcoin in less than four months.
Blockchain analysts revealed that the Bitcoin transfers to this mysterious wallet predominantly originate from Gemini. Interestingly, the wallet's first major transaction took place one month after BlackRock filed for its spot Bitcoin exchange-traded fund (ETF). This coincidence fuels further speculation that BlackRock, the largest asset management company globally, could actually be the force behind this rapid Bitcoin accumulation.
Gemini operates as an OTC trading platform for Bitcoin, facilitating large-scale transactions. George of CryptosRUs observed, "Gemini is likely executing these transactions for someone else. They've been methodically transferring Bitcoin into this new wallet."
This observation leads to the suggestion that the wallet might be a "hot wallet" used to complete large purchases.
The timing of the BTC wallet's transactions aligns well with BlackRock's recent filing for a spot Bitcoin ETF as well. If approved, this would be the first product of its kind in the United States.
"A
Read more on cryptonews.com
