Who is ‘Mr. 100’? The mysterious Bitcoin whale becomes the 14th largest owner of BTC.

“Mr. 100”, has sparked curiosity after accumulating more than 52,996 bitcoins worth more than $3.5 billion, according to on-chain data.

Bitcoin's “Mr. 100?

Mr. 100 Well Wallet bought at least 1,000 Bitcoins (BTC) on March 15, which is 52% of the total 1,907 BTC bought by 10 Bitcoin exchange-traded funds (ETFs), according to HODL15Capital's X post.

This address has been receiving BTC continuously since November 2022 when the FTX exchange went down. The wallet has been adding at least 100 BTC almost every day since February 14th.

The wallet has received some large Bitcoin transfers from a secondary wallet address, which has been increasing volumes of 100 BTC since 2019. This suggests that the secret well has been stacking sats since at least 2019, according to HODL15Capital, which also observed in March. 15 X post:

All I know is that this is not one of the US ETFs. I have all that mapped out.

Depending on the size of the purchase, there is speculation that the whale could be a pre-seed for ETFs from a Hong Kong financial institution, the Qatar Investment Authority, other Middle East sovereign wealth funds, a cold wallet linked to South Korea's Apbit exchange or more. Address of an unknown tech billionaire.

Mr. 100 will continue to accumulate regardless of the price of Bitcoin.

Following the momentum it has accumulated, the Mr.100 wallet is currently the 14th largest holder of BTC, according to Bitinfocharts data.

Wallet connected to Appbit: Crystal Intelligence

The Mr. 100 wallet was issued as a cold wallet by blockchain intelligence firm Arkham Intelligence, an asset of the Upbit cryptocurrency exchange.

Based on blockchain data analyzed by Crystal Intelligence, the secret wallet belongs to Upbit, the company told Cointelegraph.

“We found the number and value of transactions associated with this wallet to be indicative of a VASP-type service. Additionally, we can verify with high accuracy that the incoming transactions are from Upbit, and that these have held consistent value since the FTX crash.”

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Looking at the wallet outlet, Mr. 100 is only sending Bitcoin transactions to a wallet labeled as Upbit hot wallet on the Arkahm platform. Most of the transactions were at least 500 BTC, with the two largest transactions transferring up to 3,000 BTC.

The analytics team behind Crystal Intelligence has confirmed that the second wallets belong to Upbit:

“Bitcoin was moved into three main clusters via outgoing transactions, and those clusters appear to be connected through subsequent transactions. We found some evidence that the clusters received from 1Ay8v funds belong to Upbit.”

Thus, “Mr. 100” wallet wrote in the March 12 X response to the fake chain analyst defioasis argued that it is probably Upbit's:

“Normal activities of 100 BTC are not purchases but can be a way of managing Upbit's unique cold and hot wallet assets.”

HODL15Capital also revealed that a South Korean entity is piling up a large amount of Bitcoin on the March 15 X-Post, referencing the heat map below.

All 14 secondary wallet addresses associated with Mr. 100's primary wallet have passed the Know Your Customer authentication Upbit exchange, anonymous on chain sleuth Mai wrote in a Mar 15 X reply:

“Mr.100 uses a small wallet address to buy $BTC. I find that Appbit is very similar to what it usually does with altcoins (ETH network). If we follow Appbit's cash flow, we can see the coincidence.”

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.