Bitcoin Whale “Mr. 100” Accumulating BTC in Large Quantities

On-chain analysts are trying to figure out who owns a Bitcoin wallet that’s accumulating huge amounts of BTC at a relentless pace. The unknown entity dubbed “Mr. 100” has bought at least 100 BTC nearly every day since February 14th, including weekends. This accumulation has resulted in a total of 3806.54 BTC worth $207,996,959 in that brief time frame. Zooming out, the whale has been active since November of 2022 and now holds 47,192.78 BTC worth a staggering $2,581,599,105 at the time of publishing, making it the 15th largest Bitcoin whale in existence.

Possible Connection to South Korean Exchange Upbit

A pseudonymous crypto sleuth named Mai suggests that the wallet could be connected to the South Korean crypto exchange Upbit. This is based on the observation that the wallet address is active in the Asian session, with 75% of its activity occurring during that time. Additionally, 90% of the BTC gathered by “Mr. 100” came from Upbit and Bithumb, with occasional transactions from Binance and OKX.

Mai also points out that the wallet spreads BTC quite a lot of orders ranging from 0.0001 to 15 BTC through a layer-wallet and then converts them to distribution fees before transferring them back to the main wallet. This pattern has led to the perception that each purchase costs 100 BTC, hence the name “Mr. 100.”

Bitcoin’s Current Market Position

At the time of publishing, Bitcoin is trading at $54,672, up 5.7% in the last 24 hours.