A significant development in the Bitcoin holding hierarchy has been revealed, with the address bc1q….59v2 emerging as the third-largest Bitcoin holder in the world, owning a massive 118,000 Bitcoins valued at approximately $3.08 billion. The holder behind this address has been identified as Gemini, which has been transferring Bitcoins to it over the past three months. This disclosure puts an end to various speculations within the cryptocurrency community and emphasizes the power of data in dispelling rumors.
The top two spots in Bitcoin holdings are still held by the Binance Cold Wallet and Bitfinex Cold Wallet, respectively, positions they have maintained for a while. Looking at recent price movements, Bitcoin has experienced fluctuations in the past two weeks, potentially influenced by a drop in its hashrate. A decrease in hashrate can indicate reduced mining activity, which may affect network security and transaction processing speed.
While the revelation about Gemini’s Bitcoin holdings clarifies the third-largest holder, the market and community remain concerned about the ongoing shift in Bitcoin network holdings. With Binance potentially facing liquidity issues and significant entities moving large sums, unexpected volatility may arise, leading to a more “natural” movement in Bitcoin’s future.
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