Movement of Mr. 100 Who Bought Bitcoin Since Halving Indicates Bitcoin Has Been at Lowest Point?

Bittime - The movement of Mr.100 buying Bitcoin since the Halving indicates Bitcoin has bottomed out?

The news about the anomalous movement of Mr.100 since the last two months has made many people wonder, what is really going on?

Who is Mr. 100?

This whale, known as "Mr. 100," is likely not a single individual investor; it is likely owned by an investment fund or one of the large banks that back some of the spot Bitcoin ETFs now available.

Chris Martin, Research Director at Amberdata, told Decrypt that while it might be possible, he doesn't think it's plausible. Martin stated, "All ETFs have published their addresses, so it would be strange if they kept this hidden."

According to Amberdata, the wallet has been accumulating Bitcoin since November 2022, using Binance and KuCoin .

Although the US Government has accumulated a large amount of Bitcoin, estimated at more than $12 billion, Martin does not see the Biden Administration's involvement in this. 

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He mentioned that the digital assets came from Binance and KuCoin, so the possibility of a US entity or bank was ignored. Martin said, "I wouldn't be surprised if this was some kind of fund."

There are quite a lot of assumptions about who Mr.100 is. However, based on the latest developments, there are indications that Mr.100 is an Upbit entity.

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First Big Purchase Since Halving

The wallet whale known as 'Mr. 100' recently added 4,100 BTC, worth over $242 million, at a price of around $58,000 per BTC. 

This nominal amount is the first large Bitcoin purchase from the wallet since April 19, the day before the Bitcoin Halving event in 2024.

Source: https://cointelegraph.com/

This particular wallet has consistently accepted Bitcoin since November 2022, after the FTX exchange failed. 

Since February 14, the wallet has added at least 100 BTC almost every day, except in the post-halving period.

Currently, Mr. 100 ranks as the 12th largest Bitcoin holder, holding more than 61,053 BTC. 

The wallet has generated unrealized profits of $1.4 billion, representing a roughly 33% increase in its total Bitcoin holdings over time, with an average purchase price of $36,572 per BTC. 

Currently, the total value of these wallets exceeds $3.86 billion.

Lowest Bitcoin Price Prediction

According to renowned Bitcoin analyst Rekt Capital, the current correction in Bitcoin is the longest and deepest retracement of the current cycle. 

In his video analysis on May 2, he stated, "Whenever we face a 20% decline, it usually becomes a great buying opportunity before the price moves back in a positive direction. So if we see a decline of more than 20%, it becomes better opportunities in this cycle, as the deeper the decline, the closer we get to the bottom in Bitcoin price movement.”

Source: https://cointelegraph.com/

While a decline seems unlikely, Jag Kooner, head of derivatives at Bitfinex, stated that BTC prices may see consolidation over the next two months due to challenging macroeconomic conditions. 

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In an interview with Cointelegraph, he stated:

"We will likely witness a consolidation of Bitcoin prices over the next one to two months, trading in a range with fluctuations of around $10,000 in either direction. We expect that the positive effects of the halving, resulting in a decrease in Bitcoin supply, will start to show in the coming months. In At the same time, forecasts point to better economic performance, reaching a gentle slope and avoiding a recession, which could provide an additional boost to crypto assets ."

Check Crypto Prices Today:

Marco Johanning Weekly Predictions

According to a post by crypto trader Marco Johanning, on the weekly chart, the $52,000 mark was identified as the “most important level” to watch as it serves as a support-resistance level over a long period of time. 

A weekly close above the $52,000 mark would signal greater upside potential.

Source: https://cointelegraph.com/

Mr.100 Confirmed as Upbit Cold Wallet?

Cointelegraph previously confirmed that the pseudonymous wallet "Mr. Address 100" was owned by the Upbit exchange, based on a forensic analysis of the wallet by Crystal Intelligence.

The blockchain intelligence firm told Cointelegraph:

"We found that the number and value of transactions associated with this wallet indicate that this is a VASP type of service. Additionally, we can confirm with a high level of confidence that incoming transactions originated from Upbit, and that value has remained stable since the collapse of FTX."

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All 14 secondary wallet addresses connected to the primary wallet "Mr. 100" have passed the Upbit exchange's Know Your Customer verification process, wrote the on-chain sleuth using the pseudonym Mai in his response on March 15:

"Mr. 100 used a small wallet address to buy $BTC. I think this is very similar to the pattern Upbit usually does with altcoins (like the ETH network). If we follow the flow of Upbit funds, we will see a match."

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Solana (SOL) , Ethereum ETH) , and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.