Mystery Unlocked: BitMEX Cold Wallet Owns Unknown Address Of 74th Largest Bitcoin Holder

A mysterious Bitcoin BTC/USD wallet address has been accumulating BTC in significant quantities since the start of November.

Turns out, it's a cold wallet owned by BitMEX.

What Happened: The curtain has been raised on an address that went from zero to holding more than 10,000 BTC.

Crypto exchange, BitMEX owns the wallet that, as of Nov. 30, has occupied the position of the 74th largest holder of Bitcoin.

Speculations were doing rounds that it could be a new entity that is buying BTC amid the optimism surrounding spot bitcoin ETF filings in the U.S.

Yesterday, it was reported that the wallet has purchased 11,268 bitcoins worth $424 million since Nov. 10.

Former BitMEX CEO Arthur Hayes recently said that he will continue to move money from T-bills into crypto.

Read More: China Is 'Throwing Gas On Raging Crypto Bull Market,' Former BitMEX CEO Says

Mysterious Address Details: CoinDesk reports, citing on-chain analytics firm, CryptoQuant data, that the address bc1qchctnvmdva5z9vrpxkkxck64v7nmzdtyxsrq64, was a new one for the BitMEX exchange’s cold wallet. Cold wallets are not connected to the Internet while hot are online wallets connected to the Internet.

“This new address received the Bitcoin from a total of 450 addresses. These addresses also appear on BitMEX’s Proof-of-Reserves report and have the characteristic bc1qmex prefix,” CryptoQuant said.

The firm said that BitMEX was mostly conducting an internal transfer because it is migrating most of its bitcoin holdings from the 3BMEX format to addresses with the format bc1qmex.

The Bitcoin addresses that start with “bc1q” support SegWit which is a type of bitcoin transaction enabling more efficient transactions that can pay lower fees.

Price Action: In the past month, BTC prices have reported a 9% increase. At the time of writing, Bitcoin is trading relatively flat after exceeding $38,000 during the day.

Read Next: Former BitMex CEO Slams US Government For 'Absurd' Treatment Of Binance Founder