Since the beginning of November, a newly created wallet address that sparked debates by accumulating 10,000 Bitcoins (BTC) valued at 10.87 billion Turkish Lira has been identified as belonging to the cryptocurrency exchange BitMEX. According to the on-chain data analysis company CryptoQuant, BitMEX transferred its BTC holdings to a newer type of wallet address internally.
Bitcoins Transferred from 450 Wallet Addresses
The rapid BTC accumulation in the wallet address, which was ultimately identified as belonging to BitMEX, had led to speculations that it could be a new major investor purchasing Bitcoin in anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF) in the US by February 2024. On-chain data analysis company CryptoQuant disclosed that the wallet address, starting with bc1qc…, is a new wallet address created for BitMEX’s cold storage or a type of storage not connected to the internet.
On-chain data indicates that the largest BTC transaction made to the wallet address in a single transfer consisted of 566 BTC. Furthermore, the wallet address can also be seen when carefully reviewing BitMEX’s most recent reserve proof assets released on November 28. Indeed, CryptoQuant had tagged the wallet addresses transferring to this wallet address as BitMEX before the release of the cryptocurrency exchange’s last reserve proof report.
CryptoQuant stated, “The BTCs in this new wallet address were transferred from a total of 450 wallet addresses. These wallet addresses are also included in BitMEX’s Reserve Proof report and have the prefix bc1qmex.” According to data from Bitinfocharts, the mentioned wallet address is currently the 74th largest Bitcoin wallet address.
Wallet Address Supports SegWit
Moreover, CryptoQuant reported that BitMEX’s transfers were internal since it moved most of its Bitcoin assets from 3BMEX format to bc1qmex format wallet addresses.
It is important to note that the mentioned wallet address supports Segregated Witness (SegWit) natively for Bitcoin deposit transactions, allowing for more efficient transactions with lower fees, and starts with “bc1q”.
- BitMEX’s new wallet activity unveiled.
- Speculations arise from massive BTC transfers.
- SegWit-enabled wallet optimizes transactions.
