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Deciphering 'Mr. 100': The Bitcoin Whale Behind Billions in Crypto Transactions

Unveiling the Bitcoin whale's identity

A figure shrouded in mystery, known only as "Mr. 100," has rapidly ascended to become the 14th-largest holder of Bitcoin, amassing a fortune of over 52,996 BTC, valued at more than $3.5 billion. This enigmatic investor has captivated the cryptocurrency community, especially given their pattern of acquiring 100 BTC tranches regularly since November 2022—a turbulent period marked by the collapse of the FTX exchange.

"Mr. 100" has been systematically receiving Bitcoin since that pivotal moment, intensifying their activity from February 14th, by adding at least 100 BTC nearly every day. On March 15, the whale's appetite for Bitcoin grew, purchasing at least 1,000 BTC, representing 52% of the total 1,907 BTC acquired by the 10 spot Bitcoin exchange-traded funds (ETFs) that day. This insight was shared by HODL15Capital in an X post, emphasizing: 

"What I do know is that this is NOT one of the U.S. ETFs. I have all those mapped."

The continuous accumulation by "Mr. 100," despite Bitcoin's price nearing all-time highs, underscores a strategic, bullish stance on the digital currency. With a recent addition of 400 BTC on March 12, when Bitcoin's value soared above the $72,000 mark, this whale's strategy has only solidified their position within the crypto elite.

Speculating on "Mr. 100's" origins: a wealth of theories

Speculation abounds that "Mr. 100" could be a financial institution from Hong Kong 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. These theories underscore the global and diverse nature of significant players in the cryptocurrency market.

Moreover, the consistent acquisition of Bitcoin by "Mr. 100," even as prices hovered near all-time highs, signals a deep conviction in the cryptocurrency's value. Notably, on March 12, the whale added 400 BTC to their stash when Bitcoin was trading above the $72,000 mark, highlighting their aggressive investment approach during market peaks.

As "Mr. 100" continues their accumulation spree, the cryptocurrency world watches closely, eager to uncover the truth behind this enigmatic figure's identity and strategy.

Blockchain analysis sheds light on "Mr. 100"

Blockchain intelligence firms have taken significant strides in demystifying the activities of "Mr. 100," with Arkham Intelligence and Crystal Intelligence leading the charge. These organizations have meticulously analyzed blockchain data, revealing patterns that hint at the whale's true identity and operational methods. According to Crystal Intelligence: 

"We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service. Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX."

This analysis suggests that "Mr. 100's" wallet could be a cold wallet belonging to the Upbit cryptocurrency exchange, a theory further supported by the wallet's transaction patterns. Most notably, "Mr. 100" has been consistently sending Bitcoin transactions to a wallet tagged as an Upbit hot wallet. The largest of these transactions involved transfers of up to 3,000 BTC, highlighting the substantial movements associated with this entity.

The findings have sparked discussions within the crypto community, with pseudonymous on-chain analyst Defioasis suggesting on March 12:

"The regular movements of 100 BTC are not purchases but could be Upbit’s unique way of managing cold and hot wallet assets." 

This perspective aligns with observations from HODL15Capital and other on-chain sleuths, who have noted similar behaviors in transaction patterns linked to South Korean entities.

Through the lens of blockchain analysis, the veil over "Mr. 100" begins to lift, offering a glimpse into the sophisticated asset management strategies employed by some of the largest players in the cryptocurrency space.