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A Bitcoin (BTC) whale referred to as “Mr. 100” has recently drawn significant interest from the crypto community.
This mysterious figure has accumulated an impressive 52,996 Bitcoin, valued at over $3.5 billion, positioning them as the 14th-largest holder of the cryptocurrency.
On March 15, the whale acquired at least 1,000 Bitcoin, which represented 52% of the total 1,907 BTC purchased by the top 10 Bitcoin exchange-traded funds (ETFs), igniting speculation regarding the true identity of Mr. 100.
Mr. 100 Consistently Receives Bitcoin
Notably, the wallet linked to Mr. 100 has been steadily receiving Bitcoin since November 2022, coinciding with the collapse of the FTX exchange.
Additionally, the wallet has been increasing its holdings by approximately 100 BTC daily since February 14.
Larger Bitcoin transfers from a secondary wallet address have also been noted, with this secondary address gathering batches of 100 BTC since 2019.
This indicates that Mr. 100 has been building their Bitcoin reserves for an extended period.
While the precise identity of Mr. 100 remains a mystery, various theories have surfaced.
Some speculate that the whale might be a Hong Kong financial institution preparing for ETFs, the Qatar Investment Authority, other sovereign wealth funds from the Middle East, a cold wallet linked to the South Korean Upbit exchange, or even an undisclosed address belonging to a tech billionaire.
What distinguishes Mr. 100 is their persistent accumulation of Bitcoin, irrespective of price changes.
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Notably, on March 12, when Bitcoin was trading above the $72,000 threshold, Mr. 100 added an impressive 400 BTC to their portfolio.
This consistent accumulation has enabled them to rise to the status of the 14th-largest BTC holder, according to data from Bitinfocharts.
Does Mr. 100 Wallet Belong to Upbit Exchange?
Interestingly, blockchain intelligence firm Arkham Intelligence has identified the Mr. 100 wallet as a cold wallet associated with the Upbit cryptocurrency exchange.
The firm’s analysis indicates that the wallet is linked to a VASP-type service, with incoming transactions traced back to Upbit.
Crystal Intelligence, another analytics group, corroborates that the wallet’s outflows have been directed to an Upbit hot wallet.
Many of these transactions involve substantial amounts, with some transfers reaching as high as 3,000 BTC.
This evidence has led to the theory that Mr. 100 may indeed be connected to Upbit.
The regular movement of 100 BTC could represent Upbit’s distinctive approach to managing their cold and hot wallet assets, as suggested by pseudonymous on-chain analyst Defioasis.
Moreover, it has been observed that a South Korean entity has been accumulating significant quantities of Bitcoin, lending credence to the theory that Mr. 100’s activities are associated with Upbit.
It is important to note that the US government is the largest holder of Bitcoin (BTC), having acquired approximately 200,000 coins (valued at around $5 billion) through seizures related to criminal activities.
The digital assets were confiscated from cybercriminals and darknet markets and are securely stored offline in encrypted hardware wallets managed by various federal agencies, including the Justice Department and the Internal Revenue Service (IRS).
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