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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been Exposed

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin whale

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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’s holdings has left many wondering who it might be and the reason for the accumulation. 

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 “mystery whale” 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). 

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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 “front-run the Spot Bitcoin ETF approval.” Some were of the opinion that it could be one of the Spot Bitcoin ETF filers who were preparing ahead of a possible approval.  

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. 

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.  That instantly suggests that the whale was in it for the long term rather than looking to make quick profits. 

Bitcoin price chart from Tradingview.com

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’s cold wallet.  

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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’s proof-of-reserves. 

If so, then there isn’t 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’ assets on the exchange. 

Featured image from ACS Information Age, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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