An unknown wallet has accrued more than $3 billion worth of Bitcoin in the last three months, sparking a wave of theories about the potential owner.
A mysterious Bitcoin wallet has surged up the ranks to become the third-largest holder of Bitcoin in the world in just over three months, with the timing sparking some wild theories about its owner.
According to data from crypto statistics platform BitInfoCharts, the wallet address first received Bitcoin on March 8. Over the course of the next three months and two weeks, the wallet had accrued a staggering 118,000 BTC — worth $3.08 billion at current prices.
The rapid and significant accrual of Bitcoin within a single wallet address has attracted its fair share of conjecture.
Some users suggest it’s most likely a crypto exchange moving funds, while some more radical members of Crypto Twitter have posted a more wild theory — suggesting BlackRock is the “prime suspect.”
The theory is not based on any solid evidence, however, others have shared their support it by posting pictures of a large black rock.
The current largest Bitcoin wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex — as Bitcoin cold wallets.
The unknown Bitcoin whale wallet comes in third place, and is then followed by another Binance cold wallet in fourth place.
BlackRock made waves in the crypto market on June 15 when it filed an application for a spot Bitcoin ETF product which — if accepted by the Securities and Exchange Commission — will be the first of its kind in the United States.
BlackRock’s application sparked a wave of filings for similar spot products from a horde of other Wall Street heavyweights, including Fidelity, Invesco, Wisdom Tree and Valkyrie.
The prospect of a spot Bitcoin ETF whipped crypto analysts into a frenzy, sharing their bullish predictions for the price of Bitcoin — with Fundstrat’s head of research, Tom Lee suggesting that Bitcoin could reach a price of $150,000 per coin following the halving event in April 2024.