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Mystery Bitcoin wallet leaps to Top 10 amid Bitcoin’s rise

TL;DR

  • A mystery Bitcoin wallet believed to be linked to Tether has entered the Top 10 following the sporadic rise of Bitcoin.
  • Speculations surrounding Tether’s link to the wallet.

The mysterious ascent of a Bitcoin wallet, believed to be linked to Tether, has caught the attention of the crypto community as it now stands as the tenth-largest holder of Bitcoin. This notable rise occurred following the accumulation of 8,888 bitcoins from Bitfinex as the year came to a close. Presently, the wallet holds approximately 66,465.20 bitcoins, which translates to a value of nearly $3 billion at the current exchange rates.

Mystery Bitcoin wallet enters Top 10 with a 66,465 balance

This enigmatic Bitcoin wallet first came under scrutiny around 72 hours ago when it was identified as the 11th largest Bitcoin wallet in several reports back in August 2023. The speculation arose due to a 21.co research analyst suggesting a potential association with Tether, aligning with the stablecoin issuer’s previous acknowledgment of holding Bitcoin as part of its assets. However, Cryptoquant, a blockchain analytics firm, later raised doubts about the wallet’s connection to Tether. The plot thickened on December 31, 2023, when a substantial sum of 8,888.88 BTC was transferred to the wallet, identified as “bc1qj”.

Notably, all previous deposits to this Bitcoin wallet since its creation originated from Bitfinex. This consistent pattern of deposits from Bitfinex has fueled further speculation within the community that the wallet might indeed be owned by Tether. Now ranked as the tenth largest, this wallet has surpassed the 11th largest, which currently holds 59,300 BTC. Notable figures within the crypto community, including Wu Blockchain and the X account The Data Nerd, have highlighted the recent transfer of 8,888 BTC. “On behalf of [the] new year, a whale (related to Tether) bought 8,888 BTC ($379M) at $42,641, 8 hours ago,” The Data Nerd shared.

Speculations surrounding Tether’s link to the wallet

Responding to the post, someone remarked, “Someone is very hungry for BTC.” Both X accounts have emphasized that the tenth-largest Bitcoin whale boasts unrealized profits exceeding a billion, with an average entry point of around $25,000. It’s noteworthy that Bitfinex, the exchange behind the 8,888 BTC transfer, also holds the second-largest BTC wallet, valued at close to $10 billion. This particular wallet, identified as “bc1qg”, contains approximately 210,010 BTC, equivalent to $9.43 billion at current exchange rates.

The last outward transaction from “bc1qg” occurred on March 3, 2023, and the cold wallet recently added 20,000 BTC to its reserves on December 16, 2023. Meanwhile, the wallet that sent the funds to the tenth largest mystery wallet known as “1Kr6Q” has received a whopping 140,562,980 BTC since its creation seven years ago. It’s intriguing to note that this wallet has spent 140,562,190 BTC, and as of now, it serves as a hot wallet, currently holding 790 BTC worth $35.69 million.

The rapid ascent of the tenth largest wallet, amidst swirling rumors and substantial transactions, underscores the secretive nature of large-scale Bitcoin holdings. Without explicit verification from the entities involved, there remains no definitive way to confirm whether this wallet is indeed owned by Tether. The crypto community continues to closely monitor these developments, eager for any additional insights into the intriguing world of major Bitcoin holders.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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