Unveiled: 'Mysterious' 10K Bitcoin Address is New BitMEX Wallet

• Newly Identified Bitcoin Wallet Tied to BitMEX
• Details of the Wallet Address
• Source of Bitcoin for the New Address
• Internal Transfer Within BitMEX
• Status of the Wallet

Newly Identified Bitcoin Wallet Tied to BitMEX

A newly discovered wallet address, which amassed over 10,000 bitcoins (BTC) since the beginning of November, has been linked to the crypto exchange BitMEX. This rapid gathering of BTC led to speculation regarding the possibility of a new entity purchasing bitcoin, particularly in the context of an increasing number of spot bitcoin exchange-traded fund (ETF) filings in the U.S.

Details of the Wallet Address

On-chain analytics firm CryptoQuant identified in a recent note that the wallet address, bc1qchctnvmdva5z9vrpxkkxck64v7nmzdtyxsrq64, is fresh to BitMEX's cold wallet. This type of wallet is a form of custody that is not internet-connected. The most significant transfer involved a sum of 566 BTC. This address was listed in BitMEX's latest proof-of-reserves holdings, which was published on Nov. 28. CryptoQuant had previously earmarked the sending addresses as belonging to BitMEX.

Source of Bitcoin for the New Address

According to CryptoQuant, this new address received its bitcoins from a total of 450 addresses. These addresses also featured in BitMEX's Proof-of-Reserves report and possess the distinctive bc1qmex prefix.

Internal Transfer Within BitMEX

The firm conjectured that BitMEX was likely performing an internal transfer, as it is shifting most of its bitcoin holdings from the 3BMEX format to addresses with the bc1qmex format. Furthermore, there are Bitcoin$42,260 -0.64% addresses commencing with bc1q that natively support SegWit, a specific type of bitcoin transaction, enabling more efficient transactions that potentially come with lower fees.

Status of the Wallet

As of the last update, the wallet was ranked as the 74th largest holder of bitcoin, according to data from Bitinfocharts.

Edited by Jonathan Stoker