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HomeCrypto AnalysisAccumulating Over $3 Billion in Bitcoin, Becoming the Third-Largest BTC Address Worldwide

Accumulating Over $3 Billion in Bitcoin, Becoming the Third-Largest BTC Address Worldwide

According to data provided by BitInfoCharts, this wallet initiated its accumulation journey in mid-May. By the end of June, it had grown to become the world’s largest Bitcoin whale, an entity whose identity remains concealed as a cryptocurrency exchange. Since its inception, this wallet has refrained from selling any of its holdings.

The Bitcoin address in question has been noted for accumulating varying quantities of the cryptocurrency. Its initial receipt in May amounted to 0.25 BTC, while its most recent acquisition saw it acquire a substantial 6,600 BTC. As of the time of writing, this whale’s address contains an impressive 118,300 BTC, equivalent to a staggering $3,087,545,354.

In the global ranking, this address currently holds the third position in terms of size. It trails behind the prominent cold wallets of Binance and Bitfinex, two major cryptocurrency exchanges. Considering its relative novelty, there exists the possibility that this address could belong to another cryptocurrency exchange in the midst of restructuring its Bitcoin reserves.

Whale Activity Persists Despite Downturn

Santiment, an analytical firm, previously emphasized that Bitcoin whales continue to exhibit robust activity amid the market downturn witnessed in the previous week.

“The aftermath of one of the sharpest cryptocurrency price drops in 2023 has not settled yet. Notably, we are observing numerous BTC transactions surpassing the $1 million mark, signaling a dynamic involvement of cryptocurrency whales during this downturn. Nevertheless, the count of substantial wallets remains unaltered.

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

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