The Enigma of ‘Mr. 100’: 14th Biggest Bitcoin Holder Emerges

A mysterious Bitcoin whale named “Mr. 100” has caught the attention of the cryptocurrency community by accumulating a staggering amount of Bitcoin. On-chain data reveals that Mr. 100 currently holds over 52,996 Bitcoin, valued at over $3.5 billion. This whale made a significant purchase of at least 1,000 Bitcoin on March 15, which accounted for 52% of the total Bitcoin bought by ten Bitcoin exchange-traded funds (ETFs). The wallet associated with Mr. 100 has been receiving Bitcoin since November 2022 when the FTX exchange collapsed. Since February 14, the whale has been adding at least 100 Bitcoin to its wallet on a daily basis.

The wallet has received larger Bitcoin transfers from a secondary wallet address, which has also been consistently adding tranches of 100 Bitcoin since 2019. This suggests that Mr. 100 has been accumulating Bitcoin since at least 2019. It is confirmed that Mr. 100 is not one of the U.S. ETFs. Various speculations have emerged regarding the identity of this mysterious whale. Some believe it could be a Hong Kong financial institution preparing for ETFs, the Qatar Investment Authority, other Middle Eastern sovereign wealth funds, a cold wallet linked to the South Korean Upbit exchange, or an unidentified tech billionaire.

Despite the price of Bitcoin reaching all-time highs, Mr. 100 continues to accumulate more Bitcoin. On March 12, when Bitcoin was trading above $72,000, the whale added 400 Bitcoin to its wallet. As a result of its relentless accumulation, the Mr. 100 wallet now ranks as the 14th largest holder of Bitcoin, according to Bitinfocharts data.

Crystal Intelligence, a blockchain intelligence firm, has labeled the Mr. 100 wallet as a cold wallet belonging to the Upbit cryptocurrency exchange. The firm analyzed blockchain data and concluded that the wallet is associated with Upbit and that the transactions from this wallet originate from the exchange. The wallet has primarily been sending Bitcoin transactions to an Upbit hot wallet. The Crystal Intelligence analytics team also confirmed that the secondary wallets connected to the Mr. 100 wallet also belong to Upbit.

Based on this information, pseudonymous on-chain analyst Defioasis suggests that the Mr. 100 wallet likely belongs to Upbit and speculates that the regular movements of 100 Bitcoin are part of Upbit’s cold and hot wallet management.

It was discovered that all 14 secondary wallet addresses associated with the main Mr. 100 wallet have passed Know Your Customer (KYC) verification on Upbit. This finding further strengthens the connection between Mr. 100 and Upbit.

The identity of the “Mr. 100” whale remains a mystery. The accumulating behavior and connections to Upbit suggest that this whale may be associated with the South Korean exchange. Whether it is a financial institution, a sovereign wealth fund, or an individual billionaire, the large-scale accumulation of Bitcoin by Mr. 100 indicates a significant interest in the cryptocurrency and its potential for future growth.

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