Featured image from ACS Information Age, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The attention of the crypto community has been drawn to a particular whale that has been accumulating Bitcoin for some time now. The magnitude of the whale\u2019s holdings has left many wondering who it might be and the reason for the accumulation.\u00a0 Bitcoin Whale Accumulates Over 10,000 BTC In November In a post on his X (formerly Twitter) platform, popular Bitcoin investor Lark Davis revealed details about the \u201cmystery whale\u201d who had been accumulating Bitcoin. Interestingly, the wallet (bc1qch) had accumulated over 10,000 BTC in November. On-chain data also showed that the wallet currently holds over 12,000 BTC ($460 million).\u00a0 Related Reading: Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes Following this revelation, many began to speculate on who the owner of the wallet was and the reason for such accumulation. Lark suggested that it could be institutional investors looking to \u201cfront-run the Spot Bitcoin ETF approval.\u201d Some were of the opinion that it could be one of the Spot Bitcoin ETF filers who were preparing ahead of a possible approval.\u00a0\u00a0 Irrespective of who the owner was, many felt it was a good sign of things to come for the crypto market. That is because the accumulation showed that there was still a huge demand for the flagship cryptocurrency. One could have also inferred that the whale was possibly loading up their bags ahead of the bull run which some project is around the corner.\u00a0 The bullish sentiment was also ignited by the fact that the wallet had not sent out any BTC since it began accumulation at the end of October.\u00a0 That instantly suggests that the whale was in it for the long term rather than looking to make quick profits.\u00a0 BTC price crosses $38,500 | Source: BTCUSD on Tradingview.com BitMEX The Mystery Whale The mystery around who the whale might be seems to have been resolved. The wallet is reported to belong to the crypto exchange BitMEX. The exchange is also said to have been simply moving its Bitcoin holdings to this new wallet, which forms part of the exchange\u2019s cold wallet.\u00a0\u00a0 Related Reading: XRP Price Prediction: Analyst Identifies 3 Key Factors That Will Trigger Parabolic Move This is a real possibility, considering that some of the inflows into the wallet came from a particular BitMEX wallet (bc1qm). ZachXBT, a prominent blockchain investigator, also stated that the wallet belongs to the crypto exchange. He referred to an X post, which noted that the wallet address in question was included in BitMEX\u2019s proof-of-reserves.\u00a0 If so, then there isn\u2019t so much meaning to read into the accumulation. It has become standard procedure for these exchanges to have proof of reserves as evidence of enough liquidity on their platform. These reserves are usually proportional to the users\u2019 assets on the exchange.\u00a0 Featured image from ACS Information Age, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":563391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,15232,1119,89185,1122,84962,1144,78790],"class_list":["post-563381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-whale","tag-btc","tag-btc-news","tag-btc-price","tag-btc-whale","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n
Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been Exposed<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n