As BitInfoCharts reported, this wallet address first received Bitcoin on March 8 and over the next three months and two weeks, it accumulated 118,000 BTC worth $3.08 billion at current prices. The rapid and significant accumulation of this wallet has attracted much speculation.
Some suggested that it could be a crypto exchange transferring funds, while some have come up with a more mythical theory, that BlackRock is the organization behind this wallet. However, these are all just theories and without any solid evidence.
According to BitInfoCharts, the two largest Bitcoin wallets in the world are cold wallets owned by Binance and Bitfinex, then ranking the third is the Bitcoin wallet mentioned above, the fourth is another cold wallet of Binance.
Blackrock showed its interest in Bitcoin by submitting an application for Bitcoin ETF Spot. Until now, the Securities and Exchange Commission (SEC) has rejected all applications to launch a spot Bitcoin ETF. Many experts believe that the SEC will approve Blackrock’s Bitcoin ETF application.