The Rise of a Bitcoin Juggernaut
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.
Crunching the Numbers
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.”
However, this theory is not based on any solid evidence. Still, others have shared their support for it by posting pictures of a large black rock.
Top Wallet Rankings
The current largest Bitcoin wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex — as Bitcoin cold wallets. Following them, the mysterious Bitcoin whale wallet secures third place, with another Binance cold wallet closely behind in fourth place.
BlackRock’s Cryptocurrency Connection
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.
With this application, BlackRock ignited a wave of filings for similar spot products from other Wall Street giants, including Fidelity, Invesco, Wisdom Tree, and Valkyrie.
Crypto Analyst Predictions
The anticipation of a spot Bitcoin ETF has crypto analysts excited, sharing their bullish predictions for Bitcoin’s price. For instance, Fundstrat’s head of research, Tom Lee, suggests Bitcoin could hit a staggering $150,000 per coin after the halving event in April 2024.