header banner

The Unknown Bitcoin Whale Who Purchased 10,000 BTC Is Now Publicly Available

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

VIDEO: Mystery Bitcoin Whale Who Bought 10,000 BTC Has Been Exposed (made with Spreaker)

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). 

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

VIDEO: I offered 10k bitcoins for a pizza

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.  

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

Disclaimer: The article is provided 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.

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.


Article information

Author: David Ramos

Last Updated: 1704528242

Views: 571

Rating: 3.9 / 5 (82 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: David Ramos

Birthday: 1989-02-15

Address: 5006 Brewer Heights, Walkerland, DC 49793

Phone: +4590427462861675

Job: Human Resources Manager

Hobby: Survival Skills, Stamp Collecting, Video Editing, Raspberry Pi, Chess, Cooking, Running

Introduction: My name is David Ramos, I am a Open, treasured, welcoming, dedicated, Gifted, multicolored, bold person who loves writing and wants to share my knowledge and understanding with you.