The Bitcoin whale nicknamed Mr. 100 has added over 1,519 BTC since July 10, even as Bitcoin soared above $63,000.
Over the past week, as Bitcoin prices soared above the $60,000 mark, “Mr. 100” has added a staggering 1,519 Bitcoin to its already substantial holdings.
On July 15 alone, this enigmatic whale purchased around 400 BTC, valued at approximately $25 million, when the price hovered around $62,000, according to cryptocurrency analytics platform Bitinfocharts.
The “Mr. 100” wallet, known for its vast reserves, has been active since November 2022, around the time the FTX exchange faced its high-profile collapse.
The persistence of this buyer is evident, as the wallet has been scooping up at least 100 BTC daily since February 14, barely pausing even during the tumultuous post-halving period that often sees prices fluctuate wildly.
The 4 times than usual buying pattern on Feb 15 of Mr. 100 highlight a bullish stance despite the high market prices.
Who is Mr. 100?
Identifying “Mr. 100” has been a challenge, with the entity’s actions cloaked in the anonymity characteristic of the blockchain. Theories about Mr. 100’s identity range from it being a major financial institution based in Hong Kong gearing up for ETF launches, to sovereign wealth funds from the Middle East, or even a cold wallet tied to the South Korean Upbit exchange. Additionally, there’s speculation that Mr. 100 might not be a single investor but rather a conglomerate or an asset manager behind a Bitcoin ETF, managing large-scale Bitcoin purchases to navigate or influence market dynamics.
The Upbit Connection
Intriguingly, extensive blockchain analysis by firms like Crystal Intelligence has linked the “Mr. 100” wallet to the South Korean exchange, Upbit. This connection is substantiated by consistent patterns in transaction activities, which suggest that the wallet’s operations might be an internal strategy of managing funds between cold and hot wallets, typical of large-scale exchange operations. This revelation positions “Mr. 100” not just as a market mover but possibly as an internal asset management mechanism by Upbit, showcasing a sophisticated orchestration of asset flows in and out of the exchange.
Market Impact and Speculations
Currently ranked as the 10th-largest Bitcoin holder globally, “Mr. 100” controls over 71,588 BTC, according to Bitinfocharts data. With the cryptocurrency’s price at recent highs, the total value of this wallet exceeds $4.56 billion, according to CoinStats. Impressively, the wallet sits on an unrealized profit of $1.1 billion, marking a 33.2% increase on its holdings, calculated against an average purchase price of $47,826 per BTC.
Due to its massive BTC holding and continuous investment pattern the actions of “Mr. 100” not only impact Bitcoin’s market dynamics but also influence other traders and market participants’ strategies.
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