Mystery Wallet Gathers $3bn Worth of Bitcoin in 3 Months

A Bitcoin wallet with seemingly no clear owner has accumulated $3bn worth of Bitcoin in the last three months.

According to the data from BitInfoCharts, the wallet currently holds 118,300 BTC. The wallet first received crypto on May 8th, but the first major transaction took place on May 16th when the unknown user received more than 3,000 BTC. It only goes up from there.

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The wallet currently sits in the 3rd place, behind Binance coldwallet in 1st place with 248,597 BTC, and Bitfinex coldwallet as 2nd with 178,010 BTC.

Naturally, crypto enthusiasts can’t help but speculate who the potential owner of the mystery waller could be. The rapid accumulation of Bitcoin and the timeline of the transfers sparked discussion on who owns this crypto wealth.

A popular theory seems to be that the wallet belongs to BlackRock, a New York-based investment management corporation. Last year it partnered with Coinbase to allow its users to directly access digital asset markets.

And a few months ago, BlackRock filed an application for Bitcoin exchange-traded fund (ETF) venture. It is currently being reviewed by the Securities and Exchange Commission. This move towards BTC seems to coincide with the mystery wallet in the eyes of some crypto holders. However, there is no proof connecting the two events.

The idea of Bitcoin ETFs seems to have shaken the crypto world. People are speculating on the potential effects spot Bitcoin ETFs could have on Bitcoin's value, with some speculating the price per coin could go all the way up to $150,000 once the mining capacity reaches its end in 2024.

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