A Bitcoin address that has been accumulating for the last ten years just bought more.
On-chain data on October 19, shows that the wallet, controlled by an anonymous owner, bought more BTC pushing the total amount of coins under their possession to over 79.9k BTC, or slightly over $1.539 billion at spot rates.
The wallet has been buying Bitcoin since early 2011; two years after the network went live. The most interesting observation is that the key holder has never sold, regardless of market conditions. As it is, the wallet’s accumulation continues, and the owner is unperturbed, riding through the multi-month bear cycles of 2014, 2018, and 2022.
While impressive, there is solid evidence associating the wallet with the infamous Mt Gox hack, which wreaked the crypto and Bitcoin markets. Online sleuths say the big stash of BTC, now at roughly 80k, was stolen from the first Bitcoin cryptocurrency exchange that controlled over 80 percent of the global traffic.
Earlier on, Craig Wright, the founder of Bitcoin Satoshi Vision, the Bitcoin Cash spin-off, claimed belonged to him.
Nonetheless, his failure to satisfactorily prove ownership of the wallet’s keys and subsequent movements in the wallet was sufficient evidence to prove that he wasn’t in control. Craig Wright claims to be the anonymous founder of Bitcoin, Satoshi Nakamoto.
That the wallet is buying Bitcoin at this point is overly positive. Over the past few months, Bitcoin prices have been under immense liquidation pressure. Dropping over 60 percent, the coin is tethering at around the $20k level, with some analysts predicting even lower prices in the months ahead.
The dump across the board is primarily because of a shift in the FED’s and central banks’ monetary policies, tightening to curb rising inflation. This change, after months of record low-interest rates and a flow of capital to alternative, high-performance assets, including Bitcoin, saw crypto assets rise to record highs.
As previously reported, the co-founder of Tron, Justin Sun, bought the Ethereum dip, on-chain data shows.
