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Chinese Bitcoin Whale Becomes Largest Individual Bitcoin Holder

A Chinese bitcoin ‘whale’ – an investor with large sums of an asset – has taken the cryptocurrency slang term ‘HODL’ to a whole new level: by holding the largest non-exchange bitcoin wallet across the globe.

The bitcoin whale has been buying the dip, adding to their bitcoin stack each time the leading cryptocurrency by market cap’s price falls. The accumulation started around March 25, 2018, and has steadily lead to an enormous amount of bitcoin. In total, over 93,000 BTC has been transferred to bitcoin wallet 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7, or over $720 million in bitcoin.

Only 85,947 BTC remains, suggesting the whale sold off 8K BTC at some point and time. However, the whale rarely sells, instead focusing on accumulating bitcoin in mostly small transfers from other bitcoin accounts

BABI Finance, an award-winning Chinese media firm, has been attempting to trace the wallet and bitcoin transactions back to a user, but have fallen short due to the layer of anonymity cryptocurrencies provide. They believe it is likely an investment institution, or potentially a new exchange preparing a cold wallet filled with bitcoins.

20,000 of the bitcoins can be traced back to a pair of China-based cryptocurrency exchanges, Haobtc and Huobi. The rest is comprised of smaller transactions from “multiple accounts” as well as “wholesale transfers of fourteen ‘single accounts.’” Even some of the ‘single accounts’ can be traced back to the same two exchanges.

Now that this whale has amassed 85,000 bitcoins, it puts this wallet in sixth place on the list of largest bitcoin wallets. The top five wallets with greater sums of bitcoin belong to the following exchanges, listed in order by largest to smallest: BitfinexBinance, Bittrex, Huobi, and Bitstamp.