Mystery Wallet Owner Buys $424 Million Worth of Bitcoin, Speculation Arises About Possible ETF Connection
According to Bitinfocharts, the owner of a mystery wallet has purchased 11,268 bitcoin (BTC) worth $424 million since November 10, making them the 74th largest holder of BTC. The purchases were made at prices ranging from $36,000 to $38,000, resulting in unrealized profits of around $9.8 million at bitcoin's current price. There is speculation that the wallet may be linked to a U.S. asset management company preparing to launch a spot bitcoin ETF, which would require holding and custody of a large amount of bitcoin. Approval of a spot ETF could create trillions in value, according to VanEck advisor Gabor Gurbacs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VanEck’s Matthew Sigel Defends Ethereum’s Strong Utility Despite Bearish Market
![](https://img.bitgetimg.com/multiLang/image/social/e201343e99422f1587dcca6032544c281725741543205.jpg)
How Solana is Surpassing Ethereum in Blockchain Performance
![](https://img.bitgetimg.com/multiLang/image/social/19c85f4faba5949f3815555cb0a7c7711725741542820.jpg)
Debunking Bitcoin Myths: Separating Fact from Fiction in Cryptocurrency
![](https://img.bitgetimg.com/multiLang/image/social/946e527ab045281260662008d4e7ed021725741542403.jpg)
Fundstrat Analyst Predicts End of Nvidia Stock Decline, Hints at Crypto Market Recovery
![](https://img.bitgetimg.com/multiLang/image/social/919327f5a58cc6a19cd093f007645d3d1725741541939.jpg)