$755 Million in 24 Hours for Bitcoin (BTC): What’s Going On?

A recently active Bitcoin (BTC) whale has made headlines after significantly increasing its accumulation over the past 24 hours, boosting its total holdings to 12,131 BTC.

Data from Arkham Intelligence indicates that the wallet address “bc1qmpn” emerged on the on-chain radar two weeks ago when it received an inflow of 16.87 BTC, valued at approximately $1.01 million. This amount was transferred from another unidentified address designated as “bc1qcacv.”

Eight days later, the new whale received an additional 176.616 BTC, worth around $10.63 million. Following this initial surge, the whale’s activity tapered off for a short period.

Recently, however, this unidentified player has resumed aggressive Bitcoin accumulation, with transactions coming from the original source of their first funds. As of now, this whale’s total Bitcoin holdings are valued at an impressive $770.49 million.

In an interesting twist, the address from which the whale received its latest funds holds a substantial amount of Bitcoin—11,477 BTC, equating to roughly $728.92 million.

It has been noted that the first address that sent Bitcoin to “bc1qmpn” appears to have received its BTC from a wallet believed to be associated with Fortress Trust, a crypto custodian and trustee.

However, it remains uncertain whether this significant amount of Bitcoin, potentially exceeding $1.5 billion in total, is owned by Fortress Trust itself or if it belongs to one of the clients represented by the company.