Since at least November 2022, when FTX crashed, the Bitcoin wallet has consistently added 100 BTC tranches.
According to on-chain data, a mystery Bitcoin whale known as “Mr. 100” has garnered attention in the cryptocurrency community by accumulating over 52,996 Bitcoin, valued at over $3.5 billion.
According to an X post by HODL15Capital, the Mr. 100 whale wallet purchased at least 1,000 Bitcoin on March 15. This represents 52% of the 1,907 BTC that the 10 spot Bitcoin exchange-traded funds (ETFs) purchased overall.
Bitcoin has been continuously sent to this address since the bankruptcy of the FTX exchange in November 2022. Since February 14, the wallet has received at least 100 BTC almost every day.
Some larger Bitcoin transfers were received by the wallet via a secondary wallet address. Since 2019, this wallet address has also started contributing 100 BTC tranches.
This implies that the enigmatic whale has been piling satellites since at least 2019, as reported by HODL15Capital, who additionally mentioned in an X post dated March 15:
This isn’t one of the US ETFs, that much is clear to me. I’ve plotted every one of those.
The whale may be a financial institution in Hong Kong pre-seeding ETFs, the Qatar Investment Authority, other Middle Eastern sovereign wealth funds, a cold wallet connected to the South Korean Upbit exchange, or an unidentified address of a tech billionaire, according to conjecture based on the size of the acquisitions.
Despite Bitcoin’s recent all-time highs, Mr. 100 is still adding to his holdings. On March 12, when the price of Bitcoin crossed the $72,000 threshold, he added 400 BTC.
According to Bitinfocharts statistics, the Mr. 100 wallet is currently the 14th-largest Bitcoin holder after going on an accumulating binge.
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Blockchain intelligence company Arkham Intelligence has identified the Mr. 100 wallet as a cold wallet associated with the Upbit cryptocurrency exchange.
According to blockchain data examined by Crystal Intelligence, Upbit is the company that owns the enigmatic wallet:
We have discovered that this wallet’s transaction volume and value are suggestive of a VASP-type service. Furthermore, we have excellent accuracy in confirming that Upbit is the source of the incoming transactions, which have remained constant in value since FTX collapsed.
Mr. 100 has only been sending Bitcoin transactions to a wallet that Arkahm’s software has identified as an Upbit hot wallet based on the wallet’s outflows.
With two of the largest transactions moving up to 3,000 BTC, the majority of the transactions were done in tranches of at least 500 BTC.
The Crystal Intelligence analytics team verified that Upbit is also the owner of the secondary wallets:
On the outgoing transaction side, Bitcoin is sorted into three main clusters, and those clusters seem to be connected in later transactions. Additionally, we discovered some proof that the clusters funded by 1Ay8v are owned by Upbit.
Accordingly, Upbit most likely owns the “Mr. 100” wallet, according to on-chain analyst Defioasis, who went by pseudonym in a March 12 X answer.
Upbit’s unique approach to managing cold and hot wallet assets may be the reason behind the regular movements of 100 BTC; they are not purchases.
In an X post dated March 15, HODL15Capital also mentioned that a South Korean firm is stacking a lot of Bitcoin, citing the heatmap below.
The 14 secondary wallet addresses linked to Mr. 100’s primary wallet have all successfully completed the Know Your Customer verification process on Upbit exchange, according to a March 15 X answer from pseudonymous on-chain detective Mai.
Mr. 100 purchases Bitcoin with a little wallet address. It reminds me a lot of what Upbit typically does with ETH network cryptocurrencies. Tracking Upbit’s cash flow will reveal the coincidence.
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