Recently, a significant shift in the Bitcoin holding hierarchy has come to light. The address bc1q....59v2 has emerged as the third-largest Bitcoin holder in the world, boasting a staggering 118,000 Bitcoins. This translates to an approximate value of 3.08 billion U.S. dollars.
So, who's behind this massive Bitcoin stash? The answer is Gemini. Over the past three months, Gemini has been transferring Bitcoins to this address. This revelation puts to rest various speculations that had been rife within the cryptocurrency community. It is a testament to the fact that in the crypto world, data often speaks louder than rumor.
Gemini has transferred bitcoins to the new address bc1q....59v2 in the past 3 months. It currently holds 118,000 bitcoins, or about 3.08 billion U.S. dollars. It is currently the third largest bitcoin holder. The first and second largest Bitcoin addresses are Binance Cold Wallet…— Wu Blockchain (@WuBlockchain) August 22, 2023
For context, the top two spots in the Bitcoin holding leaderboard are occupied by Binance Cold Wallet and Bitfinex Cold Wallet, respectively. These addresses have long held their positions, making them familiar names to those who closely follow Bitcoin's distribution.
Now, turning our attention to Bitcoin's recent price performance over the last two weeks, there have been some notable movements. Bitcoin has witnessed a series of fluctuations, reflecting the dynamic nature of the market. One factor that might have influenced this price behavior is the recent drop in Bitcoin's hashrate. A decrease in hashrate can sometimes be indicative of reduced mining activity, which can, in turn, impact the network's security and transaction processing speed.
The revelation about Gemini's Bitcoin holdings has cleared the air regarding the third largest Bitcoin holder, but the market and community are still worried about the fundamental shift in holdings on Bitcoin network we are witnessing nowadays.
With Binance potentially facing a liquidity crisis and large entities moving billions, we might see an unexpected volatility surge that will make Bitcoin's movement more "natural" in the foreseeable future.