World’s third richest bitcoin wallet just bought 41,000BTC

Posted: 16 February 2018 2:56 pm
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shutterstock bitcoin numbers 738x410

Someone dropped around $350 million on bitcoin recently. And it looks like they got a bargain.

How much is bitcoin worth? Around $8,400 is a pretty fair price for at least one uber-wealthy bitcoin wallet. As ZeroHedge noticed, wallet 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64, the world's third wealthiest bitcoin wallet, added 41,000BTC worth about $400 million to its stash between 9 February and 12 February. The wallet's owner spent about $344,000,000 in total, at average prices of around $8,400.

As you can see below, the timing of the purchase was right on point, coming in near the bottom of bitcoin's price valley. It's possible that the purchase helped drive up prices, and equally possible that the wallet's owner knows a thing or two about bitcoin's price levers.

The sheer amount of money involved, and possibly bitcoin's sterling history of price manipulation, mean it's reasonable to assume that the timing of this particular purchase wasn't sheer luck.

The blue line shows the amount of bitcoin in the wallet, while the red line represents the value of bitcoin in the wallet. Where you see the red line dropping while the blue line remains steady, you're looking at the recent crash.

btc wallet 3 snip


Other traders have also made bullish moves on bitcoin and other cryptocurrencies, even while the market remained distinctly bearish. But an investment of this magnitude – buying up around $400 million of bitcoin – might be a more emphatic vote of confidence than most.

It's not known who owns this wallet, whether it's an individual or a company or anything else. But there's a good chance of them becoming a bitcoin billionaire if the prices bump a little bit higher.

Look inside the billion dollar wallet

BTC:AUD

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Updated: 22 Jun 2021 21:27:06 UTC

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One Response

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    TomFebruary 17, 2018

    Wouldn’t it be interesting to know what this “largest Bitcoin address” does with the airdrop coins at forks? For example, will it dump its BTCP airdrop coins (Bitcoin Private, March 2nd) to an exchange? What did it do with its BCH (Bitcoin Cash) coins?

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