Share this article
Bitcoin Buyer Quietly Accumulates $424M of BTC in 3 Weeks
The unknown entity acquired 875 bitcoin on Wednesday alone, prompting online speculation over who the buyer might be.
Updated Mar 8, 2024, 5:46 p.m. Published Nov 29, 2023, 4:58 p.m.
The owner of one mystery wallet has purchased 11,268 bitcoin [BTC] worth $424 million since November 10 and is now the 74th largest holder of BTC, according to Bitinfocharts.
Latest News: 'Mysterious' Address That Added 10K Bitcoin Is Just a New BitMEX Wallet
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The buys – which include 875 tokens acquired today – were made at prices ranging from $36,000 to $38,000, meaning the owner is sitting on around $9.8 million in unrealized profits at bitcoin's current price just below that $38,000 level.
There's been some online speculation that the wallet could be tied to one of a number of U.S. asset management giants hoping to soon be granted regulatory permission to launch a spot bitcoin ETF, though it's not clear if such "frontrunning" is even allowed.
Nevertheless, if a spot ETF is approved, fund managers will be required to hold and custody a large quantity of bitcoin in order to meet potential demand. This is unlike synthetic products like CME futures, which involve trading of contracts that represent the underlying asset.
VanEck advisor Gabor Gurbacs said Wednesday that a spot ETF being approved would create "trillions in value" even with just minimal demand of around $20 billion to $30 billion.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DAWN raises $13M to expand decentralized broadband networks
The decentralized wireless protocol plans U.S. expansion and new international deployments as investors back a user-owned alternative to legacy internet providers.
What to know:
- DAWN raised $13 million in a Series B led by Polychain Capital.
- The protocol enables individuals and organizations to own and monetize wireless broadband infrastructure.
- New funding will support U.S. growth and international rollouts.
Top Stories
