Ever wondered who the 3rd biggest Bitcoin holder in the world might be?
Unravel the mystery behind the address holding over $3 billion worth of Bitcoin and understand the implications it might have for the future of cryptocurrency.
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Robinhood: The Entity Behind the World's Third Largest BTC Accumulation
The mysterious Bitcoin whale, which had accumulated over "118,300 BTC" equivalent to more than $3 billion in just about 3 months, has been identified as the popular US investment app, Robinhood.
This entity had ranked third in the BTC holdings, following giants like "Binance" and "Bitfinex", making the identity behind this address a subject of intense speculation.
Previous Speculations and Recent Revelations
There had been reports in the past speculating that the address belonged to the crypto exchange "Gemini".
However, a recent investigation by blockchain analysis firm "Arkham Intelligence" confirmed that the address is associated with "Robinhood Markets Inc."
Robinhood, a widely-used app for investing in cryptocurrencies and stocks, reportedly manages its Bitcoin holdings under the custodial services of major market maker "Jump Trading."
Current State and Future Movements in the Crypto Market
Although transactions to this Bitcoin wallet continue, no significant deposits have been observed recently.
As of the time of writing, the holdings stand at "118,300.20 BTC". While the cryptocurrency market has witnessed a period of slump and stagnation, there are subtle signs of recovery lately.
With the activities of large-scale holders, known as whales, becoming more prominent, the market remains vigilant to their actions and the potential impact on price movements.