Someone Quietly Accumulated $424 Million in Bitcoin Over the Past 3 Weeks
A wallet address has been consistently buying Bitcoin (BTC) for several weeks, sparking intrigue within the community.
Someone Quietly Accumulated $424 Million in Bitcoin Over the Past 3 Weeks. Photo: SchiffGold
According to data from Bitinfocharts, the owner of an anonymous wallet has spent $427 million to acquire 11,269 Bitcoin since November 10th, making them the 74th largest BTC holder in the market.
Whale address holding approximately 11,269 BTC. Source: Bitinfocharts
On November 29th alone, this entity purchased 875 Bitcoin. With purchase prices ranging from $36,000 to $38,000, this whale account is currently sitting on approximately $9.8 million in profit.
This is Bitmex.
— Crypto Fisto-Roboto (@f1storoboto) November 29, 2023
You can confirm this yourself by going to the Bitmex PoRL page https://t.co/NmHqW6tvCg and downloading the reserves YAML, you will see this address listed. https://t.co/3fau82QZVw
Some have speculated that the wallet belongs to BitMEX, based on information about asset reserves listed on the website.
Others suggest the wallet may be associated with major asset management companies in the U.S., hinting at a possible move to pave the way for SEC approval of Bitcoin spot ETFs. However, could such a transparent maneuver really slip past regulatory scrutiny?
When Blackrock's Bitcoin ETF is approved, they will need to acquire several hundred thousand BTC to fulfill end customer demand. There is no way they can acquire this much Bitcoin without moving the price significantly. This is the core issue they are actively working on now.
— Jason A. Williams (@GoingParabolic) November 28, 2023
If a spot ETF is approved, fund managers will need to own and hold a significant amount of Bitcoin to meet investor demand. This differs from synthetic products like CME futures, which essentially trade contracts representing an underlying asset.
According to Gabor Gurbacs, a VanEck advisor, approving a spot ETF could generate "hundreds of billions of dollars in value" even with a modest demand of $20 to $30 billion.
The approval of a U.S. spot Bitcoin ETF may create $ Trillions in value with minimal flow ($20-30 Billion). On November 18, 2004, the SPDR (State Street) Gold ETF (GLD) was introduced.
— Gabor Gurbacs (@gaborgurbacs) November 29, 2023
In the subsequent 8 years gold’s price quadrupled+ from $400 to $1,800 adding ~$8 Trillion in… pic.twitter.com/vl7qEH2J3E
Recently, the SEC sought public input on whether to approve Franklin Templeton and Hashdex's proposal for a Bitcoin spot ETF. The decision deadline for these applications is set for January 1st, though a surprising move by the SEC has raised expectations for an early appearance of a Bitcoin spot ETF next year, with Bloomberg experts estimating a 90% approval rate.
Thanks to the U.S. ETF frenzy, the market's flagship cryptocurrency has continuously set new records this year. Bitcoin's highest reclaim price reached $38,450.
3D chart of BTC/USDT pair on Binance as of 11:20 AM on November 30, 2023
