Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz

This week, observers in the crypto sphere have kept a close eye on a notable bitcoin whale address, which impressively climbed from the 492nd spot to become the 72nd largest bitcoin holder in a mere fortnight. This substantial addition of over 10,000 bitcoin occurs amidst widespread speculation about how exchange-traded funds (ETFs), such as Blackrock, will procure bitcoin, with some conjecturing that their acquisition might be through direct purchases from miners.

Mystery Whale Wallet Rockets to Top Bitcoin Ranks

Blockchain data reveals that the bitcoin wallet labeled “bc1qc” has rapidly amassed a significant number of bitcoins in a brief time span. This address has become a hot topic on social media platforms, with numerous discussions and posts scattered across X, highlighting the emergence of this new whale.

Initially spotted on October 31, 2023, the wallet made its first move by acquiring 109.81 BTC, and then, after just ten days, it expanded its cache by adding 736.69 BTC. By the middle of November, this wallet had ascended to become one of the top 500, securing the 492nd rank.

Advancing to the present day, this bitcoin whale wallet now ranks as the 72nd largest globally. On November 28, 2023, it added to its growing collection with two separate deposits of 163.67 BTC and 376.28 BTC. Currently, the wallet’s total holdings stand at approximately 10,393.22 BTC, valued at about $397 million based on the prevailing exchange rates.

Notably, this address remains unmarked and unidentified on blockchain explorers like Arkham Intelligence and OXT, keeping the entity behind it shrouded in mystery, although it continues to be under close observation. The emergence of this new whale coincides with a period rife with conjecture and hypotheses, particularly around the possibility of miners selling their bitcoin to financial institutions that are rolling out spot bitcoin ETFs.

These institutions are poised to require substantial quantities of bitcoin (BTC) to spark sufficient interest in their funds. It’s speculated that ETF managers might already be procuring BTC from miners through over-the-counter (OTC) transactions, aiming to prevent the spot market from being impacted by such sizeable BTC acquisitions. As a result of this speculated trend, whale wallets like “bc1qc” could seemingly materialize unexpectedly.

What do you think about the bitcoin whale address acquiring more than 10,000 bitcoin over the past two weeks? Let us know in the comments section below.



from Bitcoin News https://ift.tt/glcSyTN

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