Over the past three months, an unknown address has accumulated more than $3 billion worth of Bitcoin (BTC), sparking a wave of theories about its owner. TCN has investigated and reveals the mysterious individual behind the wallet.
The 3rd largest holder of BTC
While periods of low volatility are popular times to invest in DCA (Dollar Cost Averaging), some people take this strategy literally. In the space of just 3 months, a mysterious address has quietly accumulated more than 118,000 Bitcoin (BTC).
At the current price, that’s worth no less than $3 billion. This wallet has become the third largest Bitcoin holder in the world
Obviously, such a rapid and substantial accumulation of Bitcoins was not long in alarming the crypto community, and theories about the owner of this wallet quickly multiplied.
Some internet users saw it as a coincidence with the recent withdrawals from centralised platforms, others attributed it to a transfer of funds from an exchange, while the majority pointed the finger at BlackRock, the famous asset manager behind the recent application for a Bitcoin Spot ETF in the United States.
MASSIVE WHALE ACCUMULATION
– Whale Analysis (@Whaleanalysis) August 22, 2023
Who is this mysterious individual?
A simple search on Arkham Intel identified – with near certainty – the owner of this mysterious address. Presumably, it is Robinhood, the famous American broker offering cryptocurrency-related services, among others.
In a nutshell, Arkham is a recently launched platform for analysing on-chain data to provide access to exclusive information on addresses, protocols or transactions.
Much maligned, Arkham is used in particular to lift pseudonymity and find the individuals hiding behind an on-chain address. Thanks to a complex algorithm that scans the entire history of traces left by various addresses on the blockchain, Arkham can link them together and provide a comprehensive view of crypto activity.
To return to our news, this is a Bitcoin address of the Segwit v0 type, since it starts with “bc1” and has 42 characters. If Arkham Intel’s algorithm is to be believed, this address belongs to Robinhood and has been regularly supplied with BTC over the past few weeks.
This certainly reflects Robinhood’s desire to store its reserves of bitcoins at a single address, unlike a platform like Binance, which splits them up into a multitude of different addresses. At present, we have no further information, and Robinhood has not made any official statement on the subject.