The notable Bitcoin whale known as “Mr. 100” recently made a significant purchase of Bitcoin, marking his first buy since the Bitcoin halving event in April 2024.
As the Bitcoin price briefly dipped to $56,000, Mr. 100 added over 4,100 BTC to his holdings, purchased around the $58,000 level.
This acquisition, valued at approximately $242 million, was highlighted by the analysis of on-chain data from Bitinfocharts, brought to attention by user HODL15Capital.
This transaction comes after a hiatus since April 19, the day before the halving, during which the whale did not acquire any additional Bitcoin.
The “Mr. 100” wallet, which began receiving regular BTC deposits following the November 2022 collapse of FTX, had been consistently accumulating at least 100 BTC daily since mid-February, excluding the period right after the halving.
Currently, “Mr. 100” holds over 65,155 BTC, making him the 12th-largest Bitcoin holder. The value of his wallet now exceeds $3.86 billion, with unrealized profits of $1.4 billion, a 33% increase from the average purchase price of $36,572 per BTC.
Amid this buying activity, market analysts have been debating the trajectory of Bitcoin’s price.
Analyst Rekt Capital suggested in a May 2 video analysis that the current market conditions represented a prime buying opportunity, explaining, “Whenever we’d get close to a 20% downside, that was typically a fantastic buying opportunity before price reversals towards the upside.
So if we’re deeper than 20%, it is an even better opportunity than we had this cycle, because the deeper we go the closer we get to a bottoming in Bitcoin’s price action.”
Other experts, like Jag Kooner from Bitfinex, predict a short-term consolidation in Bitcoin prices.
Kooner anticipates a trading range with significant swings over the next couple of months, influenced by macroeconomic factors.
He told Cointelegraph, “We could see a one-to-two-month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side.
READ MORE: Australian Stock Exchange Set to Approve Spot Bitcoin ETFs by End of 2024
We expect the positive impact of the halving, which has brought about a reduction in Bitcoin supply, will be seen in later months.
At this point, the economy is also expected to be performing better, having achieved a soft landing and avoiding a recession, providing further impetus to crypto assets.”
The $52,000 mark is seen as a crucial support-resistance level on Bitcoin’s weekly chart. A close above this threshold would likely indicate potential for further gains, according to crypto trader Marco Johanning.
Further context about the “Mr. 100” address was provided by Crystal Intelligence to Cointelegraph, identifying the address as associated with the Upbit exchange.
The firm clarified, “We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service.
‘Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”
This analysis was reinforced by the findings of Mai, an on-chain sleuth, who noted the operational similarities between Mr. 100’s transactions and Upbit’s typical activity with altcoins.
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