The crypto world was plunged into crisis after a new wallet bought more than 10,000 Bitcoins in early October. Who is this extremely rich man who seems to be eagerly taking Bitcoin off the market? These are generally extremely positive signals for the price of Bitcoin, which has been performing fantastically lately.
Who is this Bitcoin whale?
Now the answer to this pressing problem seems to have been found. This is a wallet from the trading platform BitMEX, founded by the flamboyant Arthur Hayes.
Now, BitMEX’s proof of reserves shows that the address in question, bc1qchctnvmdva5z9vrpxkkxck64v7nmzdtyxsrq64, is a new Bitcoin parking spot on the exchange platform. However, that doesn’t change the fact that it can be optimistic.
This could mean that many Bitcoins are bought on the trading platform and held by investors. After all, not everyone decides to keep everything in their wallet.
On Thursday, the BitMEX wallet ranked 74th on the list of the richest Bitcoin addresses in the world. At the time of writing, the 11,268 Bitcoins in the wallet were worth approximately $425 million.
Storm in a teacup
This time it’s a storm in a teapot and we’re not dealing with a rich oil sheik buying Bitcoin in bulk. However, it is possible that we will receive more news like this in the coming months, albeit with a different story.
There is a lot of optimism surrounding Bitcoin at the moment, largely due to the upcoming launch of spot Bitcoin ETFs in the US.
Moreover, Bitcoin’s next halving is scheduled for April 2024 and the first interest rate cuts by the US Federal Reserve appear to be on the horizon.
The only downside to the Bitcoin price is that there are still concerns about a global recession due to aggressive interest rate hikes by central banks starting in March 2022.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
