Mystery Whale Wallet Rockets to Top Bitcoin Ranks
This week, observers in the crypto sphere have kept a close eye on a notable bitcoin whale address, which impressively climbed from the 492nd spot to become the 72nd largest bitcoin holder in a mere fortnight. This substantial addition of over 10,000 bitcoin occurs amidst widespread speculation about how exchange-traded funds (ETFs), such as Blackrock, will procure bitcoin, with some conjecturing that their acquisition might be through direct purchases from miners.
Blockchain data reveals that the bitcoin wallet labeled "bc1qc" has rapidly amassed a significant number of bitcoins in a brief time span. This address has become a hot topic on social media platforms, with numerous discussions and posts scattered across X, highlighting the emergence of this new whale.
Wallet's Meteoric Rise to Prominence
Initially spotted on October 31, 2023, the wallet made its first move by acquiring 109.81 BTC, and then, after just ten days, it expanded its cache by adding 736.69 BTC. By the middle of November, this wallet had ascended to become one of the top 500, securing the 492nd rank.
Advancing to the present day, this bitcoin whale wallet now ranks as the 72nd largest globally. On November 28, 2023, it added to its growing collection with two separate deposits of 163.67 BTC and 376.28 BTC. Currently, the wallet's total holdings stand at approximately 10,393.22 BTC, valued at about $397 million based on the prevailing exchange rates.
Mysterious Identity and Speculated Trends
Notably, this address remains unmarked and unidentified on blockchain explorers like Arkham Intelligence and OXT, keeping the entity behind it shrouded in mystery, although it continues to be under close observation. The emergence of this new whale coincides with a period rife with conjecture and hypotheses, particularly around the possibility of miners selling their bitcoin to financial institutions that are rolling out spot bitcoin ETFs.
These institutions are poised to require substantial quantities of bitcoin (BTC) to spark sufficient interest in their funds. It's speculated that ETF managers might already be procuring BTC from miners through over-the-counter (OTC) transactions, aiming to prevent the spot market from being impacted by such sizeable BTC acquisitions. As a result of this speculated trend, whale wallets like "bc1qc" could seemingly materialize unexpectedly.
What are your thoughts on the bitcoin whale address acquiring more than 10,000 bitcoin over the past two weeks? Let us know in the comments section below.
Frequently Asked Questions
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If you're planning to sell off your gold, you don't necessarily need a large amount. You can even manage with one ounce. However, you will not be able buy any other items with those funds.
How much should precious metals be included in your portfolio?
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To maximize your profits when investing in precious metals, diversify across different precious metals. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
How does a gold IRA account work?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
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Your gold is passed to your heirs without capital gains tax. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
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Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
investopedia.com
cftc.gov
How To
How to Hold Physical Gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
Alternative options include buying physical gold. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's easier to track how much gold is in your possession. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You're also less susceptible to theft than investing with stocks.
However, there are some disadvantages too. Bank interest rates and investment funds won't help you. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. The taxman might also ask you questions about where your gold is located.
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: Jamie Redman
Title: Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz
Sourced From: news.bitcoin.com/bitcoin-whale-soars-to-72nd-rank-in-2-weeks-gathering-over-10000-btc-amid-etf-buzz/
Published Date: Tue, 28 Nov 2023 22:05:57 +0000
