A mysterious wallet has caught the attention of the Bitcoin community on X. On-chain data shows that the wallet has been accumulating a minimum of 100 BTC daily since November 2022. The BTC purchases recently increased as BTC broke the $60,000 barrier.
Who is the Mysterious Bitcoin Whale?
The consistency of the BTC purchases has amazed several individuals in the Bitcoin community. The mysterious has the custom of accumulating a minimum of 100 BTC in each transaction, causing some users to tag the wallet as “Mr. 100.”
The Bitcoin whale began purchasing BTC when it traded around $16,000 amid the dramatic crash of the cryptocurrency exchange FTX. Since then, the user has accrued hundreds of BTC daily. On February 28th alone, the wallet accumulated 1,600 BTC in tranches of approximately 100 BTC and 200 BTC. At the time, BTC traded between $58,300 and $60,900. It is worth noting that the user accumulated more than the total BTC mined daily (about 900 BTC).
Current data shows that the whale has stacked up a whopping 49,539.8 BTC worth over $3 billion at press time.
Speculations regarding the identity behind the wallet are diverse. One user suspects that the wallet may belong to Saudi Arabia’s Public Investment Fund (PIF) or the Chinese government. Others speculate that the unidentified entity is “either Asian or Middle Eastern” since South Korean exchanges are used for the purchases.
I just found out about this entity recently, and I’m fascinated by this story. ‘He’s’ been buying st least 100 #BITCOIN a day since Nov ’22 and more recently, as the price ramps up, he’s buying 1000 to 1600 BTC per day… who tf is this? Suadi Sov wealth fund? China?? https://t.co/oeb5kZVicY
— Hodl.80 IQ.Patriot (@The_BTC_Patriot) February 29, 2024
More Entities Accumulate BTC
The latest move from the unknown Bitcoin whale shows how much attention has been given to the leading cryptocurrency. Companies like the business intelligence company MicroStrategy and stablecoin issuer Tether have committed to regular BTC purchases. Per Coinfomania’s latest reports, these firms hold 193,000 BTC and 66,465 BTC, respectively.
The spot Bitcoin ETF is another way investors have gained exposure to BTC’s price. On behalf of clients, a slew of investment companies offering the product has stacked up thousands of BTC, bringing the asset to more audiences.
