Wallet Buy Over $500 Million BTC Barely A Month Before Reaching $42k
A mysterious wallet, identified as bc1qc, has accumulated 12,671 bitcoins worth $530.93 million between October 31 and December 03, sparking speculations about its owner.
Uno…
One anonymous wallet has bought 12,671 bitcoins worth $530.93 million between October 31 and December 03 and looks set to buy more BTC in the coming days.
The wallet identified as bc1qc became active on October 31 when it bought 109.81 BTC. At the time, Bitcoin was trading at $34,240. Since then, it has steadily acquired a large volume of the flagship asset.
Over $60 million in Unrealized Profit as Bitcoin Reach $42k
With Bitcoin now trading at around $42k, the address has an unrealized profit of $61.5 million from the purchase. This represents a sizable gain for whoever controls the address. In the past 30 days, Bitcoin has added almost 20% to its value.
The asset looks set for further increase in value given the future events that will positively influence price movement. The wallet is now at number 65 on the list of the biggest holders of Bitcoin.
Speculations About Wallet Ownership
The acquisitions have not gone unnoticed; speculations have emerged about who could be behind the wallet. Some believe it is one of the several asset managers seeking to list a spot Bitcoin ETF. This is plausible, given that the asset managers will need BTC when the ETFs are approved.
Acquiring the assets now could save them from paying substantially more later and cause significant price movement with frenzied demand. However, that might not be the case since the asset managers could always opt for OTC deals with miners.
Some firms, such as BlackRock, also have stakes in the top Bitcoin miners, making it easier to acquire BTC when they eventually need it. Still, the debate as to the identity of the wallet has led to diverse views. For those who believe it is a whale acquiring, it represents a significant bullish signal.
Meanwhile, some analysts believe the wallet could belong to an exchange. They point particularly at BitMex because most of the BTC moved to the wallet came from the exchange. Therefore, BitMex could be moving funds to cold storage. This theory has more credence because the wallet has not sent out anything.
However, it could also be that a whale is moving their asset from BitMex to a cold wallet. Recently, the amount of Bitcoin on exchanges has decreased as more holders opt for personal storage. This is largely because of the troubles of centralized exchanges and how they have affected users' confidence.
MicroStrategy Acquires
While the identity of one whale is unknown, another whale is not hiding its acquisition. MicroStrategy recently disclosed that it bought an additional 16,130 BTC for $593 million with an average price of $36,785.
The company now holds $174,530 Bitcoin, which it acquired for an average price of $30,252. Since Bitcoin is trading at around $42k, MicroStrategy is sitting on substantial unrealized profits. Mystery
