This week, the cryptocurrency community has been closely monitoring the activities of a prominent bitcoin whale address, which has made a remarkable jump from the 492nd position to become the 72nd largest bitcoin holder in just two weeks. This significant acquisition of over 10,000 bitcoin comes at a time when there is widespread speculation about how exchange-traded funds (ETFs), such as Blackrock, will obtain bitcoin, with some suggesting that they might directly purchase it from miners.
Mystery Whale Wallet Rockets to Top Bitcoin Ranks
Blockchain data reveals that the bitcoin wallet known as "bc1qc" has rapidly accumulated a substantial number of bitcoins within a short period of time. This address has become a hot topic on various social media platforms, with numerous discussions and posts across the internet, highlighting the emergence of this new whale.
Initially discovered on October 31, 2023, the wallet began its journey by acquiring 109.81 BTC, and in just ten days, it expanded its holdings by adding 736.69 BTC. By mid-November, this wallet had climbed up the ranks and secured the 492nd position among the top 500 bitcoin holders.
Fast forward to the present day, and this bitcoin whale wallet now stands as the 72nd largest globally. On November 28, 2023, it further increased its holdings with two separate deposits of 163.67 BTC and 376.28 BTC. Currently, the total value of the wallet's holdings is approximately 10,393.22 BTC, which is valued at around $397 million based on the current exchange rates.
Interestingly, this address remains unidentified and unmarked on popular blockchain explorers like Arkham Intelligence and OXT, adding to the mystery surrounding the entity behind it. However, it continues to be closely observed. The emergence of this new whale aligns with a period filled with speculation and theories, particularly regarding the possibility of miners selling their bitcoin to financial institutions that are launching spot bitcoin ETFs.
These institutions are expected to require significant amounts of bitcoin (BTC) to generate enough interest in their funds. It is speculated that ETF managers may already be acquiring BTC from miners through over-the-counter (OTC) transactions, in an effort to prevent the spot market from being affected by such large-scale BTC acquisitions. As a result, whale wallets like "bc1qc" could suddenly become more prominent.
What are your thoughts on the bitcoin whale address acquiring over 10,000 bitcoin in the past two weeks? Share your opinions in the comments section below.
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By: Jamie Redman
Title: Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Accumulating Over 10,000 BTC Amid ETF Buzz
Sourced From: news.bitcoin.com/bitcoin-whale-soars-to-72nd-rank-in-2-weeks-gathering-over-10000-btc-amid-etf-buzz/
Published Date: Tue, 28 Nov 2023 22:05:57 +0000