Last year and in the first half of 2022, speculators We hypothesized that the third largest Bitcoin address was a “mysterious whale”, even though it showed strong characteristics of being a cryptocurrency exchange. The address known as ‘1P5ZED’ was replaced by another address after the wallet began transferring his entire Bitcoin balance in mid-July 2022. Bitcoin address ‘1LQoW’ is now the third largest wallet, and the owner of 1LQoW wallet is the same entity that controlled 1P5ZED wallet.
The third largest Bitcoin wallet changed to a new address and is likely to be managed by the same owner
Bitcoin in November 2021 Amount of speculation about the third largest Bitcoin wallet known as “ 1P5ZED {19 ” after the price soared to new highs. Rumors about the wallet plagued social media, Some people mistakenly thought the wallet was in Microstrategy’s stash of BTC
Later, after the rumors were debunked, blockchain observers noticed that 1P5ZED moved all of Bitcoin’sin mid-July. Blockchain records show that his 1P5ZED address decreased to his 0.01257 BTCby the end of June 2022. Analysis tools (Chainalysis and Ciphertrace) as part of my job,” he told Newsdesk:
There is almost a 100% chance that both the addresses 1P5ZED and 1FzWLk in your article belong to Gemini .
1P5ZED wallets also showed signs of exchange spending patterns like cluster spending. Additionally, block explorer oxt.me highlights two of his annotations that assume the “1P5ZED” bitcoin address may be associated with the exchange Bittrex.
However, after more than 132,000 BTCwere deleted in mid-July and end-June, data showed that wallets could still be associated with the crypto exchange Gemini. Even if analysts are unable to identify the exact owner of 1P5ZED, on-chain data, clustering, and heuristics indicate that 1P5ZED only changed owners (addresses). but the owner remains the same.
Despite speculation, Bitcoin’s third largest wallet is neither a ‘mystery whale’ nor a ‘new market player’ — on-chain data points to US-based cryptocurrency exchange
Currently the 3rd largest Bitcoin wallet is “1LQoW” with a balance of over 140,000 BTC, while wallets 1P5ZED and “1FzWLk”. I have traded with 1P5ZED many times and also with 1LQoW. His emptied 1FzWLk wallet appears to have dispersed funds to other addresses, including his 1LQoW. Additionally, data shows that 1FzWLk trades are often connected to known Gemini exchange wallets and currently the third richest Bitcoin wallet. , Bitcoin address 1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd, and Bitcoin address 1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR are all interrelated.
As usual, social media posts and cryptocurrency publications identified 1LQoW as the new “mystery whale” or new mega player in the market. An OXT researcher, his ErgoBTCtweeted about this address in July 2022 and he in August. July 19th. Guessing if it was Coinbase Custody, Ergo wrote:
Coinbase Custody: Pros: 1LQoW due to proximity and initial inflow. Cons: First seen on 1FzWL doesn’t quite match Coinbase Custody’s announcement.
Ergo also talked about Bitcoin wallet 1LQoW on August 2, 2022. At this time, many speculative reports began to increase after his earlier 1P5ZED myth. “Cryptocurrency tabloids and clickbaiters went from ‘1P5Z is dumping all their coins’ to ‘1LQoW is the new whale that bought $1.64 billion out of nowhere,’ Ergo tweetedOn-chain data also confirms that 1LQoW is not the new “mega whale” or “market player” that has just taken control of the third largest Bitcoin wallet from 1P5ZED.
1LQoW is most likely a US-based cryptocurrency custodian or exchange, and he is 100% certain that it is a Gemini-related BTC wallet. can’t say The downside is the fact that the wallet does not match Gemini’sbitcoin reserve datahosted on other reserve data sites such as cryptoquant.com and Glassnode. According to cryptoquant.com’s Gemini related bitcoin reserve data stats, Gemini’s stash is around 136,923 BTCThe third largest BTC address 1LQoW is around 140,664 BTCdata shows that Gemini’s BTC stockpiles are estimated to be around 132,102 BTC today, which is also Mismatch. What do you think about the relationship between the
wallets 1P5ZED, 1FzWLk and the current third largest bitcoin wallet 1LQoW? Let us know your thoughts on the matter in the comments section below.
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