CryptoQuant: The address holding $424 million in BTC is a BitMEX cold wallet, and related transfers may be organized for its internal wallet

The balance of the new wallet address starting with bc1qch has increased by 11,268 BTC (worth $424 million) since November 10. In this regard, on-chain analysis company CryptoQuant stated that the address starting with bc1qch is the new cold wallet address of the BitMEX exchange. One of the transfers of 566 BTC was the largest single transfer. The address appeared in BitMEX’s latest Proof of Reserve Holdings report published on November 28. CryptoQuant had previously marked the sending address as BitMEX’s address. CryptoQuant said: “This new address received Bitcoin from a total of 450 addresses. These addresses also appear in BitMEX’s Proof of Reserves report and are characterized by the bc1qmex prefix.” CryptoQuant stated that BitMEX may be making internal transfers as it is migrating the majority of its Bitcoin assets from the 3BMEX format to addresses in the bc1qmex format. There are also some Bitcoin addresses starting with bc1q that support Segregated Witness (SegWit). (CoinDesk) Earlier today, according to data from Bitinfocharts, a certain wallet address has purchased 11,268 BTC (worth $424 million) since November 10 and is currently the 70th largest holder of BTC. Prices for these transactions, including a recent purchase of 875 BTC, ranged from $36,000 to $38,000, meaning that at Bitcoin’s current price level of just under $38,000, the wallet owner would have made a profit of approximately $9.8 million. . Some industry insiders speculate that the wallet may be related to a U.S. asset management giant's preparations for the launch of a spot Bitcoin ETF, but it is unclear whether such "advance trading" is allowed.