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Rumours grow about ownership of third-largest Bitcoin wallet

Donald MunnBy Updated:No Comments3 Mins Read

New rumours about the third-largest Bitcoin wallet in the world, which many believe belongs to a large exchange or perhaps even Microstrategy.

Who owns the third-largest Bitcoin wallet?

bitcoin whaleThe mystery of the third largest Bitcoin wallet in the world

Rumours have been circulating for some months now about the proposed third largest Bitcoin wallet in circulation, with its approximately 123,000 BTC. 

In November, at the time of Bitcoin’s first major collapse since its all-time high of $69,000, someone noticed strange movements from the wallet known as “1P5ZED”.

Already then, someone pointed out that behind this entity could be hiding some large exchange or institutional investors, who according to experts are the real owners of most of the addresses known in jargon as whales.

On the other hand, according to the data in our possession, currently three of the five main ‘cold wallets’ of Bitcoin belong to the three exchanges Binance, Bitfinex and OKEx. 

Who are the so-called whales?

The term whale is usually used to define Bitcoin or Ethereum wallets that hold between 10,000 and 1000,000 units and are therefore often in a position, like large hedge funds or institutional investment funds on traditional exchanges, to influence the prices of digital currencies with their operations.

Often, as recorded by the website Whale Alert, which keeps track of the large movements of the main cryptocurrencies during the day, it is precisely the actions of the large wallets that then determine the market phases in one direction or another. 

The ‘1P5ZED’ wallet, which is one of only three wallets to hold over 100,000 BTC, has always received a lot of buzz due to rumours that a large exchange or even the world’s largest investor in Bitcoin, the Microstrategy fund, is behind it and has recently made another large purchase of Bitcoin.

According to the experts, this wallet would essentially be a bullish whale, looking for all the declining moments of the biggest cryptocurrency to forcefully enter the market, in a clear accumulation perspective.

This kind of activity has already taken place both in late November and in the first week of December, with a purchase of around $137 million in Bitcoin. 

Sometimes there are large movements of Bitcoin from wallets that have been “dormant” for a long time, such as on 10 March. A large transaction of 429 BTC was recorded from a wallet that had not been moved in over 11 years, when the digital currency was worth about 0.3 cents.

The post Rumours grow about ownership of third-largest Bitcoin wallet appeared first on cryptodailynews24.com.

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