An unknown entity has rapidly accumulated over $3 billion worth of Bitcoin (BTC) en route to becoming the third-biggest BTC address in the world.
According to data from BitInfoCharts, the wallet began accumulating in mid-May, and by late June, was the biggest Bitcoin whale in the world that hasn’t been identified as a crypto exchange.
Since its inception, the wallet has not sold a single coin.
The Bitcoin address was recorded picking up BTC in varying amounts, with its first receipt in May being 0.25 BTC, and the most recent one being 6,600 BTC. At time of writing, the whale’s address contains 118,300 BTC worth $3,087,545,354.
The address is the third biggest in the world, just behind Binance and Bitfinex’s cold wallets. It’s possible the address, which is still relatively new, could be another crypto exchange reorganizing its BTC reserves.
Analytics firm Santiment previously said that Bitcoin whales have remained active amid last week’s crypto market downturn.
“The dust has far from settled after crypto markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1 million+ BTC transactions, indicating whales are very active on this dump. But the amount of large wallets is not falling.”
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