<![CDATA[<figure class="image"><img src="https://cimg.co/news/123442/326466/background-6206623-1280.jpg" alt="BTC wallet" srcset="https://cimg.co/news/123442/326466/responsive-images/background-6206623-1280___media_library_original_1280_853.jpg 1280w, https://cimg.co/news/123442/326466/responsive-images/background-6206623-1280___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/123442/326466/responsive-images/background-6206623-1280___media_library_original_900_600.jpg 900w, https://cimg.co/news/123442/326466/responsive-images/background-6206623-1280___media_library_original_720_480.jpg 720w, https://cimg.co/news/123442/326466/responsive-images/background-6206623-1280___media_library_original_600_400.jpg 600w, https://cimg.co/news/123442/326466/responsive-images/background-6206623-1280___media_library_original_300_200.jpg 300w" sizes="100vw" width="1280" class="content-img"><figcaption>Image by <a href="https://pixabay.com/users/kollsd-14736411/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=6206623">Dung Tran</a> from <a href="https://pixabay.com//?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=6206623">Pixabay</a></figcaption></figure>A new Bitcoin holder has recently entered the spotlight, accumulating 118,300 Bitcoin valued at approximately $3.1 billion based on current market evaluations. Data provided by <a href="https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html">BitInfoCharts</a> reveals this undisclosed BTC wallet now ranks as the third-largest holder of Bitcoin. It follows closely behind the cold wallets managed by renowned exchanges Binance and Bitfinex.<h2 id="who-could-be-behind-the-wallet">Who Could Be Behind the Wallet?</h2>Speculation runs rampant concerning the identity of this new Bitcoin whale. Industry insiders point to a likely candidate: <a href="https://cryptonews.com/reviews/exchanges/">a centralized exchange</a>. Gemini, in particular, has been named as a potential contender. The BTC wallet in question initiated its Bitcoin transactions on March 8 and has since stockpiled a considerable amount of Bitcoin in less than four months.<figure class="media"><oembed url="https://twitter.com/crypto_div/status/1693738671046885688?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1693738671046885688%7Ctwgr%5E4c6294cabe82339e2f33141ff3c798417f9a0d93%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbitcoin-whale-wallet-becomes-third-largest-holder-three-months"></oembed></figure><a href="https://twitter.com/WuBlockchain/status/1693905744712908968">Blockchain analysts revealed</a> that the Bitcoin transfers to this mysterious wallet predominantly originate from Gemini. Interestingly, the wallet's first major transaction took place one month after <a href="https://cryptonews.com/news/confirmed-10-trillion-asset-manager-blackrock-takes-leap-into-crypto-files-for-spot-bitcoin-etf-with-sec.htm">BlackRock filed for its spot Bitcoin exchange-traded fund (ETF)</a>. This coincidence fuels further speculation that BlackRock, the largest asset management company globally, could actually be the force behind this rapid Bitcoin accumulation.Gemini operates as an <a href="https://cryptonews.com/exclusives/otc-bitcoin-brokers.htm">OTC trading platform</a> for Bitcoin, facilitating large-scale transactions. <a href="https://www.youtube.com/watch?v=pIt1HDpP5oU&amp;pp=ygUUQ3J5cHRvc1JVcyAzIGJpbGxpb24%3D">George of CryptosRUs observed</a>, "Gemini is likely executing these transactions for someone else. They've been methodically transferring Bitcoin into this new wallet."&nbsp;This observation leads to the suggestion that the wallet might be a "hot wallet" used to complete large purchases.<h2 id="blackrock-s-connection-more-than-just-speculation">BlackRock's Connection: More Than Just Speculation?</h2>The timing of the BTC wallet's transactions aligns well with BlackRock's recent filing for a spot Bitcoin ETF as well. If approved, this would be the first product of its kind in the United States.&nbsp;"A transaction of this magnitude is typically initiated by a few key players. BlackRock's ETF application process and the aggressive manner of Bitcoin accumulation hint at a strategic move," Jared Polites, Partner at Rarestone Capital, told CryptoNews.com.Should BlackRock's Bitcoin ETF proposal be approved, the firm would need to hold a substantial amount of the <a href="https://cryptonews.com/guides/cryptocurrency/">cryptocurrency</a>. "Spot Bitcoin ETFs require the offering company to hold the underlying asset, which, in this case, would be Bitcoin," George explained.<h2 id="other-potential-players">Other Potential Players</h2>Jared Polites also mentioned that other entities, like <a href="https://www.reuters.com/technology/us-sec-accepts-six-spot-bitcoin-etf-proposals-review-2023-07-19/">Bitwise, VanEck, and WisdomTree, have applied for spot Bitcoin ETFs</a>.&nbsp;"Their rationale would also be based on future growth expectations," Polites explained.&nbsp;He further noted that companies like Robinhood could also be accumulating Bitcoin to offer their own spot Bitcoin ETFs.<figure class="media"><oembed url="https://www.youtube.com/watch?v=T9z-_vGWygg&amp;pp=ygUUMyBiaWxsaW9uIGJ0YyB3YWxsZXQ%3D"></oembed></figure>Despite its rapid ascent, the BTC wallet has not been immune to market fluctuations. In the past week, the wallet's value dropped from $3.51 billion to its current $3.08 billion due to the recent sell-off in Bitcoin.The cryptosphere continues to discuss theories about this new BTC wallet. While Gemini and BlackRock appear to be strong contenders for being behind this massive accumulation, concrete evidence is yet to surface.&nbsp;Although the wallet's purpose and the identity of its owner continue to be subjects of intense scrutiny and speculation, the sheer scale of this BTC wallet's holdings has already made it a key player in the Bitcoin market.
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Tracing the Origins of Bitcoin's Newest $3.1 Billion Wallet

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