A mysterious Bitcoin wallet has become the third largest Bitcoin wallet by rapidly increasing its Bitcoin purchases. Within a little over three months, the wallet owner who has been the biggest buyer of Bitcoin in the world has sparked some crazy theories. If any truth emerges about the theories targeting a globally renowned investment firm, it could lead to a significant surge in the coming days.
According to the data from the crypto asset data analysis platform BitInfoCharts, the wallet address first acquired Bitcoin on March 8. Over the next three months and two weeks, the wallet accumulated 118,000 Bitcoins worth $3.08 billion at the current prices, making it the wallet that has bought the most Bitcoin in the world during this period.
The rapid and significant accumulation of Bitcoin in a single wallet address has given rise to multiple theories. While some social media users argue that it is likely a crypto exchange carrying funds, some more radical members of the crypto sector have published a crazier theory claiming that BlackRock is the “wallet owner”.
The theory lacks any concrete evidence, but some investors have shared their support by posting images of a large black swan. According to BitInfoCharts, the current largest Bitcoin wallets in the world are reportedly owned by Binance and Bitfinex as Bitcoin cold wallets. The unknown Bitcoin whale wallet ranks third, followed by another Binance cold wallet in fourth place.
BlackRock caused a stir in the crypto market when it applied for a spot Bitcoin ETF product in the United States, which would be the first of its kind if approved by the Securities and Exchange Commission on June 15. BlackRock’s application led to other heavyweights of Wall Street, including Fidelity, Invesco, Wisdom Tree, and Valkyrie, submitting similar applications for spot products.
The possibility of a spot Bitcoin ETF drove crypto analysts crazy, and they shared bullish price predictions for Bitcoin. Tom Lee, the head of research at Fundstrat, suggested that Bitcoin could reach a price level of $150,000 after the halving event in April 2024.