- Crypto markets cool following an explosive run.
- Bitcoin whale “Mr. 100” increases BTC accumulation during cool-off.
- “Mr. 100’s” identity remains a mystery.
Bitcoin’s recent bull run hit a wall after setting a new all-time high of $74,000 in mid-March. Since then, the leading cryptocurrency sunk as low as $60,900 just a week later and has failed to break above the $71,700 level on multiple occasions.
A 9% drawdown beginning April 1 saw Bitcoin sink to a low of $64,500 by the following day, renewing concerns of further drops. However, a mysterious whale known as “Mr. 100” has continued stacking Bitcoin regularly throughout this period, even increasing buys during the recent lull in bullish price action.
Whale Steps Up Bitcoin Buys
As Bitcoin sunk to $64,500 on April 2, Mr. 100 continued buying, acquiring an additional 1,030 BTC over 11 separate transactions that day. Considering a further 300 BTC purchased today, Mr. 100’s total holdings now sit at a staggering 58,295 Bitcoins, valued at approximately $3.8 billion at the current price.
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While Mr. 100 does not appear to have a strictly consistent buying pattern, each purchase is typically around 100 BTC. The number of separate buy transactions per day can vary, with some days, such as between March 26 and 28, featuring no buys whatsoever.
However, Mr. 100’s Bitcoin accumulation spree has been relentless since first stacking BTC in this address in November 2022. The sizeable and persistent acquisitions now rank Mr. 100 among the single largest individual holders of Bitcoin.
Who is Mr. 100?
Given the scale of capital required to become a significant individual holder of Bitcoin, rampant speculation continues to mount over which entity is behind this address. The rumor mill has thrown up guesses such as an investment fund, a bank, and even a nation-state.
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Among those fanning the flames of the nation-state theory are Bitcoin advocates Anthony Scaramucci and Max Keiser, who have suggested that Qatar is a likely suspect for Mr. 100.
Their narrative plays into the suggestion that oil-rich Gulf nations may be secretly stacking Bitcoin as a future-proof store of value and diversification into emerging technologies such as blockchain and cryptocurrency.
On the Flipside
- BTC investors typically control more than one wallet, making accurate assessments of entity holdings difficult to gauge.
- Institutional and nation-state adoption of Bitcoin will drive long-term value growth, but potentially at the expense of decentralization.
Why This Matters
While the identity of “Mr. 100” remains unknown, their Bitcoin buying spree crystallizes the idea that important players are preparing for a digital asset-driven future.
Jim Cramer comments on Bitcoin’s pullback. Read more here:
Cramer Labels Bitcoin Super Overbought: Is BTC Topping Out?
Peter Schiff delights in Bitcoin downturn as gold shines. Read more here:
Bitcoin Plunges, Gold Rises: Schiff Gloats Over Turbulence
