While Speculators Believe Bitcoin’s Third-Largest Wallet Is a Mystery Whale, Onchain Data Suggests It’s an Exchange – Featured Bitcoin News

The price of bitcoin has dipped below the $60K zone, a number of people have been talking about the third-largest bitcoin address called “1P5ZED” which has accumulated thousands of bitcoin during the last few days. Nobody knows who the owner of the wallet is but it holds more than 111,359 bitcoin as it’s been steadily accruing bitcoin since the wallet’s first transaction on February 5, 2019. Some assume that this address belongs to a giant bitcoin whale. However, the onchain data indicates that it could also be linked to an exchange.

A Myriad of Tales Tied to the Third Largest Bitcoin Wallet Speculate the Address Is a Whale That ‘Bought the Dip’

Bitcoin’s fiat value has been volatile and it’s one of those times where everyone is looking for answers to why BTC has slid in value. BTC (Bitcoin) fell to $69K on November 10 and was back at $66K five days later. Since the crypto asset’s ATH, bitcoin is down 16% in value and slid under the $60K zone. Naturally, volatility was a factor. whale watchersAnd people talkingCurrently, there are bitcoin whale transactions.

Bitcoin whales may be people or organisations that hold large amounts of BTC. They can also have different sizes. BTC whales are individuals and organizations who have 1,000, 10,000 or 50,000 bitcoins. An entity that holds more than 100,000 BTC would be considered a “mega-whale,” and there are only three bitcoin addresses in existence with 100,000 BTC or more. These wallets range in size from 84K- 288K BTC, and three are designated or tagged with exchanges.

While Speculators Believe Bitcoin's Third-Largest Wallet Is a Mystery Whale, Onchain Data Suggests It's an Exchange
On November 19, 2019, the five top bitcoin addresses were revealed.

Lately, crypto publicationsAnd a slew of individuals on social mediaForums and other forums have been speculatingAbout the actions by the third-largest Bitcoin wallet. We are now having a conversation. trendingAnd many others believe that a large whale “bought the dip,” while the price of BTC slipped. Bitcoin.com News reported a few. Large whale sightingsAlso amidNine days ago, BTC hit new highs. The whales that our news team found were caused by block rewards for mining bitcoin blocks from more than a decade back.

Cluster Spending and Onchain Data Show that the third-richest Bitcoin address belongs to a Crypto Exchange

When it was initially created, the wallet received just a tiny fraction of bitcoins (BTC). Onchain data showed that the wallet received 1,119 BTC seven days later on February 12, 2019, when it was created. This is the address for your wallet “1P5ZED” doesn’t look like an individual bitcoin holder and the transactions 1P5ZED has processed look more like exchange activity from a crypto trading platform. The three top BTC addresses with the highest transaction volume are associated to Okex cold wallets Binance, Bitfinex, or Okex.

This third-largest Bitcoin wallet began seeing activity for the first time in February 2019.

1P5ZED has all the tell-tale signs of being associated with an exchange and it’s not known for sure, but it’s been flagged on a few occasions. This address has been receiving a lot BTC over the past two years, and sometimes it also spends BTC. 1P5ZED’s TransaktionsStatistics from blockchair.com indicate that very few transactions of block explorers have any privacy. This is because the block explorers privacy software indicates that most transactions are made with very low privacy preferences. Most of 1P5ZED’s transactions have a “critical” to “low” privacy rating in terms of the level of traceability. Transactions are vulnerable to matched addresses, inputs and outputs that can be often identical and matched addresses.

Further suggestions for Block Explorer annotations 1P5ZED belongs to an Exchange

Block explorer oxt.meNotes associated with the 1P5ZED address explain that it may be connected to an exchange. It is the first annotation on oxt.me about 1P5ZED says it was submitted by a person named “TEJAS” on November 22, 2020. The individual writes “could be Bittrex” and also leaves a link in the annotation as well. The Article citedA 717 BTC transaction was apparently made between Bittrex & 1P5ZED.

This is the third-largest Bitcoin address. It has the first annotation that indicates it might be Bittrex.

The second annotation on the block explorer oxt.me was added by “ERGOBTC” on July 14, 2020. The note says the “address source suggests Gemini or Coinbase.” This leads to our investigation parsing 1P5ZED’s transactions during the last two months and it shows that 1P5ZED transacts quite a bit with the BTC wallet address known as “1FzWLk.” While 1FzWLk transacts with 1P5ZED a lot, 1FzWLk is also Flagged with a noteOn oxt.me, about the address.

Second annotation: The third largest bitcoin address notes that it might have connections to Coinbase or Gemini.

ERGOBTC also submitted the 1FzWLk annotation on the same date that the 2nd annotation was made to 1P5ZED. “[1FzWLk]Whale Alerts has annotated 1P5ZED as Okex. Though source and cluster spending suggest closer ties to Coinbase and Gemini.” While its not certain 1P5ZED (which acts like an exchange cold wallet) and 1FzWLk (which acts more like a hot wallet) belong to a trading platform, there’s a lot more supporting evidence that shows 1P5ZED is likely owned by an exchange.

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Annotation, Binance. 3rd largest address. 3rd biggest wallet.

Is 1P5ZED a random whale adress or does it belong to an exchange? Please comment below to let us know your thoughts on this topic.

Image credit: Shutterstock, Pixabay, Wiki Commons, oxt.me, bitinfocharts.com,

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