Bitcoin’s Third Largest Wallet Changed Hands, but Onchain Data Shows It’s Likely the Same Owner

Last twelvemonth and during the archetypal fractional of 2022, speculators assumed the third-largest bitcoin code was a ‘mysterious whale,’ adjacent though the wallet had shown beardown characteristics of being a cryptocurrency exchange. The code known arsenic “1P5ZED” has since been replaced by different address, aft the wallet started to transportation its full bitcoin equilibrium successful mid-July 2022. The bitcoin code “1LQoW” is present the third-largest wallet today, and it’s precise apt that the proprietor of the 1LQoW wallet is the aforesaid entity that managed the 1P5ZED wallet.

The Third Largest Bitcoin Wallet Changed to a New Address, a Wallet That’s Likely Controlled by the Same Owner

After bitcoin’s terms soared to caller heights successful November 2021, determination was a important magnitude of speculation concerning the third-largest bitcoin wallet known arsenic “1P5ZED.” Rumors astir the wallet plagued societal media and immoderate radical erroneously attributed the wallet to Microstrategy’s stash of BTC.

Bitcoin Address: 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ

Then aft the rumors were debunked, blockchain observers noticed that 1P5ZED moved each of its bitcoins successful mid-July. Blockchain records amusement that by the extremity of June 2022, the 1P5ZED code was down to 0.01257 BTC. In 2021, erstwhile Bitcoin.com News reported connected 1P5ZED, a root with “access to blockchain analytics tools (Chainalysis and Ciphertrace) arsenic portion of their occupation function” told our newsdesk:

There is an astir 100% accidental that some addresses successful your article, some 1P5ZED and 1FzWLk, beryllium to Gemini.

The 1P5ZED wallet besides had shown signs of speech spending patterns similar clump spending. Furthermore, the artifact explorer oxt.me highlights 2 annotations, which presume that the “1P5ZED” bitcoin code whitethorn person been tied to the speech Bittrex.

Bitcoin Address: 1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd – This BTC code is present the third-largest holder.

However, pursuing the mid-July and end-of-June removal of much than 132,000 BTC, information inactive indicates that the wallet is inactive apt associated with the crypto speech Gemini. Even if analysts cannot place the nonstop proprietor of 1P5ZED, onchain data, clustering, and heuristics amusement that 1P5ZED simply changed hands (addresses), but the proprietor remains the same.

Despite Speculation, Bitcoin’s Third Largest Wallet Is Not a ‘Mystery Whale’ oregon ‘New Market Player’ — Onchain Data Points to an American-Based Crypto Exchange

The 3rd largest bitcoin wallet today, “1LQoW” has a equilibrium of much than 140,000 BTC, and the wallet is connected to 1P5ZED and “1FzWLk.” As we noted successful our anterior reports, 1FzWLk transacted with 1P5ZED connected galore occasions and it transacted with 1LQoW arsenic well. It seems that the present bare 1FzWLk wallet dispersed the funds to different addresses including 1LQoW. Data further shows that 1FzWLk’s transactions were often connected with known Gemini speech wallets and the existent third richest bitcoin wallet contiguous 1LQoW.

Bitcoin Address 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, Bitcoin Address 1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd, and Bitcoin Address 1FzWLkAahHooV3kzTgyx6qsswXJ6sCXkSR each person ties with each other.

Per usual, societal media posts and crypto publications identified 1LQoW arsenic a caller ‘mystery whale’ oregon caller mega subordinate successful the market. OXT researcher Ergo BTC, tweeted astir the code successful July and August 2022. “1LQoW was archetypal seen a fewer weeks ago, receiving its archetypal [transaction] successful a batch withdrawal from Coinbase,” Ergo tweeted connected July 19. “It’s 2 outgoing [transactions] are backmost to 1FzWL, which implies that this code is astatine slightest linked and perchance co-owned by 1P5Zs/1FzWL/key rotation? In different words not ‘selling.’” Speculating connected whether oregon not it was Coinbase Custody, Ergo wrote:

Coinbase Custody: Pros: By adjacency and archetypal inflows into 1LQoW. Cons: The archetypal seen connected 1FzWL doesn’t rather align with the Coinbase Custody announcement.

Ergo besides spoke astir the bitcoin wallet 1LQoW connected Aug. 2, 2022, erstwhile a batch of speculative reporting started to emergence aft the 1P5ZED myths prior. “Crypto tabloids and clickbaiters person gone from ‘1P5Z is dumping each his coins’ to ‘1LQoW is simply a caller whale that bought $1.64B retired of nowhere. ’lmao,” Ergo tweeted. Onchain information besides confirms that 1LQoW is not a caller ‘mega whale’ oregon ‘market player’ that conscionable abruptly took the third-largest bitcoin wallet reigns from 1P5ZED.

1LQoW is astir apt an American-based crypto custodian oregon exchange, and we can’t accidental for 100% definite that it is simply a Gemini-associated BTC wallet. Cons see the information that the wallet does not lucifer Gemini’s bitcoin reserve data hosted connected cryptoquant.com and different reserve information sites similar Glassnode. The stats from cryptoquant.com’s Gemini-associated bitcoin reserve information shows Gemini’s stash is astir 136,923 BTC. The third-largest BTC code 1LQoW holds astir 140,664 BTC (as of 2:00 p.m. ET connected Dec. 4, 2022). Coinglass.com data shows Gemini’s BTC reserves stash is estimated to beryllium astir 132,102 BTC today, which is besides a discrepancy.

What bash you deliberation astir the narration betwixt wallets 1P5ZED, 1FzWLk, and the existent third-largest bitcoin wallet 1LQoW? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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