Mystery Unlocked: BitMEX Cold Wallet Owns Unknown Address Of 74th Largest Bitcoin Holder
Portfolio Pulse from Khyathi Dalal
A Bitcoin wallet address that accumulated over 10,000 BTC since November has been identified as a cold wallet owned by BitMEX. The address became the 74th largest Bitcoin holder, sparking speculation it was a new entity amid optimism for spot bitcoin ETFs in the U.S. However, it was revealed that BitMEX is transferring its holdings to a new address format supporting SegWit for more efficient transactions. BTC prices have risen 9% in the past month and are trading flat after exceeding $38,000.
November 30, 2023 | 9:57 pm
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NEUTRAL IMPACT
The identification of BitMEX as the owner of a large Bitcoin wallet and their internal restructuring to use SegWit addresses may reassure investors about the security and efficiency of BitMEX's asset management, potentially influencing Bitcoin's price stability.
The news about BitMEX's cold wallet may have a neutral impact on Bitcoin's price in the short term as it does not directly affect Bitcoin's supply or demand but may influence investor sentiment regarding the security and efficiency of Bitcoin held on exchanges.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80