Crypto Mystery: Who Is Behind the Bitcoin Wallet That Became the 3rd Largest in Only 3 Months?

A Bitcoin wallet has suddenly surged to become the world’s third-largest holder of Bitcoin (BTC) in just a short span of three months. The story behind this wallet’s rapid rise has ignited a flurry of speculation about its owner.

It all began on March 8, when this unknown wallet address received its first Bitcoin cryptocurrency transaction. Yet what unfolded over the ensuing three months and two weeks was nothing short of extraordinary. Recent data from BitInfoCharts, a crypto analytics platform, revealed a total accumulation of 118,000 BTC.

At the current market price of around $26,062 per one, this number translates to a staggering sum of approximately $3.07 billion.

Can't be a private Person. Some kind of company or something.

— #André (@anhohX) August 19, 2023

Bitcoin Community Connects the Dots

The sudden and massive amount of BTC within this single wallet has sparked a storm of discussions and theories across crypto Twitter. Some experts suggest it might be one of the leading cryptocurrency exchanges orchestrating a significant transfer of funds. Most people are specifically pointing to the cryptocurrency exchange Gemini.

Cameron and Tyler Winklevoss, known for their early stints on Facebook, are the founder of Gemini and have transformed into prominent crypto protagonists, amassing substantial cryptocurrency wealth along their journey.

Gemini has transferred bitcoins to the new address bc1q….59v2 in the past 3 months. It currently holds 118,000 bitcoins, or about 3.08 billion U.S. dollars. It is currently the third largest bitcoin holder. The first and second largest Bitcoin addresses are Binance Cold Wallet…

— Wu Blockchain (@WuBlockchain) August 22, 2023

On the other hand, more imaginative speculation has pointed fingers at financial giants, particularly BlackRock. Recall that BlackRock, the world’s largest investment management firm, filed for a spot Bitcoin exchange-traded fund (ETF) on June 15, followed by other giants like Valkyrie, Fidelity, 21Shares, and many others.

Interestingly, some have attempted to draw a connection between BlackRock’s ETF venture and the mysterious wallet. This speculation came as a transaction of 3,400 BTC occurred within the wallet on May 16th, just a month before BlackRock’s ETF filing. This proximity has fueled theories about BlackRock’s potential involvement. Yet, it’s important to note that these theories are grounded in conjecture and lack substantial evidence.

This unknown address has accumulated over $3 Billion worth of #Bitcoin in the last 3 months.

The prime suspect?

The first major transaction of 3400 BTC occurred on May 16th 2023. Almost exactly 1 month later on June 15th 2023, BlackRock filed for it's spot #Bitcoin ETF. pic.twitter.com/TdFuUkELuH

— DivXMaN (@crypto_div) August 21, 2023

Who holds the top spots?

The two top spots for the largest Bitcoin wallets are currently occupied by Binance and Bitfinex, both of which maintain their Bitcoin reserves in cold storage. The mysterious wallet with over $3 billion worth of Bitcoin takes the third spot, with another Binance cold wallet securing the fourth position.