World’s Richest Non-Exchange Wallet Acquires 3,241 Bitcoins in 24 Hours

After weeks of liquidating over $336 million of its Bitcoin holdings, the third richest crypto wallet is back on the market. The non-exchange wallet, whose value only comes behind the wallets controlled by Binance and Bitfinex, acquired 3,241 Bitcoins on April 5th.   

Valued at around $145 million, the acquisition happened in two phases. The mystery whale initially purchased 289 Bitcoins, before making an additional purchase of 2,952 Bitcoins. This purchase comes after major sell-offs from the wallet in recent weeks. 

Between March 21st and March 31st, the wallet sold off about 3,000 Bitcoins. Also, an additional 4,500 Bitcoins moved out of the wallet between April 1st and April 5th. 

With this acquisition, the mystery wallet joins other large public buyers like MacroStrategy and Luna Foundation Guard that made massive Bitcoin purchases in the week where the 19 millionth Bitcoin was mined.

Massive Accumulation as BTC Hits 19 Million Total Supply

On the first day of April, Bitcoin reached 19 million coins mined. Following the milestone, Blockchain analytics firm, Glassnode reports that the market recorded an Accumulation Trend score greater than 0.65. According to the firm, scores closer to 1 show that a large percentage of the market is increasing their Bitcoin balances.

However, their analysis revealed that there were significant Bitcoin outflows from major exchanges including Binance, Coinbase, Bitstamp, and Bittrex. 

Over the course of March, over 96k BTC flowed out of the exchanges we track, reaching levels last seen in August 2018…Binance in particular, which saw its coin balance dominance explode higher in 2021, has seen over 20.8k BTC in outflows over the last 2 weeks,Glassnode wrote. 

So if (major) exchanges are experiencing massive outflows, who is accumulating Bitcoin? 

Shrimps, Sharks, and Whales

Glassnode categorizes current accumulating buyers into three general groups. First, there are addresses with more than one deposit and no history of spending. This group includes large entities such as custodians and aforementioned MacroStrategy and LFG. Glassnode reveals that the total Bitcoin in these addresses has increased by 217k BTC in four months. This represents a growth rate of 1,800 BTC/day.

Next are the Bitcoin Shrimps. These include retail investors and individuals with less than 1 BTC. In the last two months, Bitcoin shrimps have accumulated 0.579% of the total circulating supply. 

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Finally are the addresses holding between 100 to 100,000 Bitcoins: the sharks and whales. Individual addresses in this category have held between 570 to 585 Bitcoins since August 2021. 

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