Silent Whale: $424M Worth of Bitcoin Accumulated in 3 Weeks

• Mystery Wallet Acquires $424 Million Worth of Bitcoin
• Mystery Wallet Linked to Asset Management Giants?
• Potential Impact of Spot ETF Approval

Mystery Wallet Acquires $424 Million Worth of Bitcoin

An unidentified holder of a digital wallet has procured 11,268 bitcoins (BTC), estimated at $424 million, since November 10. This makes it the 74th largest BTC holder, as reported by Bitinfocharts. This includes the acquisition of 875 tokens today. The purchases were transacted at costs between $36,000 to $38,000. With the current value of bitcoin just below $38,000, this suggests that the holder has almost $9.8 million in unrealized profits.

Mystery Wallet Linked to Asset Management Giants?

Suggestions have surfaced online that the digital wallet could potentially be associated with one of the several U.S. asset management corporations that are awaiting regulatory approval to initiate a spot bitcoin ETF. However, it remains unclear whether such frontrunning is permissible.

Potential Impact of Spot ETF Approval

If a spot ETF is approved, fund managers would be mandated to hold and store a substantial quantity of bitcoin to cater to possible demand. This contrasts with synthetic products like CME futures, which involve the trading of contracts that mirror the underlying asset.

Gabor Gurbacs, an advisor at VanEck, stated recently that the approval of a spot ETF could generate trillions in value. This projection is made on the basis of a minimal demand of around $20 billion to $30 billion.

Edited by Jonathan Stoker