Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz

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

What's the advantage of a Gold IRA?

A gold IRA has many benefits. It can be used to diversify portfolios and is an investment vehicle. You have control over how much money goes into each account.

Another option is to rollover funds from another retirement account into a IRA with gold. This is a great way to make a smooth transition if you want to retire earlier.

The best thing about investing in gold IRAs is that you don’t need any special skills. They are offered by most banks and brokerage companies. Withdrawals can happen automatically, without any fees or penalties.

There are, however, some drawbacks. Gold is known for being volatile in the past. Understanding why you invest in gold is crucial. Is it for growth or safety? Are you looking for growth or insurance? Only when you are clear about the facts will you be able take an informed decision.

You might want to buy more gold if you intend to keep your gold IRA for a long time. One ounce doesn't suffice to cover all your needs. Depending on the purpose of your gold, you might need more than one ounce.

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?

Before we can answer this question, it is important to understand what precious metals actually are. Precious Metals are elements that have a very high relative value to other commodities. This makes them extremely valuable for trading and investing. Gold is today the most popular precious metal.

There are many other precious metals, such as silver and platinum. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It is also unaffected significantly by inflation and Deflation.

As a general rule, the prices for all precious metals tend to increase with the overall market. That said, they do not always move in lockstep with each other. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower interest rates, making bonds less attractive investments.

In contrast, when the economy is strong, the opposite effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. These precious metals are rare and become more costly.

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.

The beauty of owning gold as an IRA is you can hold on to it forever. You won't have to pay taxes on your gold investments when you die.

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.

To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done that, you'll receive an IRA custody. This company acts in the role of a middleman between your IRS agent and you.

Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.

Once your gold IRA is established, you can purchase gold bullion coins. Minimum deposit required is $1,000 You'll get a higher rate of interest if you deposit more.

Taxes will be charged on gold you have withdrawn from an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.

Even if your contribution is small, you might not have to pay any taxes. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.

It's best not to take out more 50% of your total IRA investments each year. You'll be facing severe financial consequences if you do.


  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (
  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (
  • 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. (
  • 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) (
  • Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (

External Links

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 to find out more about gold buying in an IRA.

By: Jamie Redman
Title: Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz
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Published Date: Tue, 28 Nov 2023 22:05:57 +0000

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