Bitcoin Whale “Mr. 100” Sells BTC: Beginning of the End?

• Mr. 100’s address is among the largest single holders of Bitcoin.
• Mr. 100 transferred out a sizeable stack in the first post-halving transaction.
• The Bitcoin community cannot agree if the “sell-off” is bullish.

The identity of the Bitcoin whale known as “Mr. 100” has become one of crypto’s most intriguing mysteries lately. The address ranks among the largest single holders of BTC, having amassed a holding valued at over $4 billion through consistent buys since November 2022. 

Mr. 100’s accumulation has come to symbolize an unshakeable belief in Bitcoin’s long-term value proposition, particularly as the stacking persists regardless of price gyrations. However, this diehard reputation is now being called into question after Mr. 100 unexpectedly offloaded a sizeable stack of coins on Monday.

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Bitcoin “Sell-Off” Rattles Cages

Mr. 100’s diehard Bitcoiner reputation took a hit on Monday evening (UTC) after over 1,000 BTC abruptly left the address . Following the outflow, the address balance fell to 61,053 BTC, valued at around $4 billion at the time of writing.

Analyst Invest Answers stated that despite offloading over 1,000 BTC, Mr. 100 had aggressively accumulated 2,326 BTC just last week and a staggering 7,127 BTC over the previous month. As such, a “small sale, massive buy” scenario must mean Mr. 100’s long-term bullish outlook remains intact.

However, not everyone shared Invest Answers’ view of the situation though. Aleksander Biesaga commented that the sell-off was “Not a great signal to say the least.” Biesaga’s pessimism was echoed by others, who have now realized Mr. 100’s outsized influence on the market, and the potential for Mr. 100 to dump the entire stack at a whim. All eyes are now glued to the address, anxiously awaiting Mr. 100’s next move.  

Mr. 100 and the Mark of the Beast

As we await Mr. 100’s next move, an analysis of the address showed Monday’s 1,000 BTC outflow was not the first time the whale had offloaded coins. On March 7, 360 BTC exited the wallet, followed by another 650 BTC withdrawal just two days later on March 9. However, Mr. 100 resumed aggressively stacking sats on March 11.  

This pattern of offloading and then re-accumulating BTC occurred in many other instances, including in February. After sending 570 BTC to unknown wallets on February 2, Mr. 100 resumed accumulating BTC around two weeks later on February 15. Therefore outflows may not necessarily equate to a flip bearish by the Bitcoin whale.

A look at Monday’s 1,000 BTC outflow showed the balance was split into 150 transfers of 6.66 BTC each, fostering further speculation on Mr. 100’s identity.

On the Flipside

• Address outflows can also relate to transfers, rather than sales.
• The Mr. 100 address represents 0.3% of the circulating supply.
• Max Keiser believes Abu Dhabi likely controls the Mr. 100 address.

Why This Matters

Mr. 100’s surprise sell-off spotlights the centralization risks plaguing Bitcoin, particularly post-halving which is expected to consolidate mining operations in the hands of fewer entities.

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