Proof of BlackRock: This BTC address just accumulated $3 billion in 2 months \ stacker news ~bitcoin

Proof of BlackRock: This BTC address just accumulated $3 billion in 2 months

2312 sats \ 29 comments \ @birdeye21 22 Aug 2023 bitcoin

Someone on Twitter may have found the BlackRock BTC address:

A month after their first buy in May, BlackRock filed for the Spot ETF June 15th

MicroStrategy scooped up 152,800 BTC starting since 2020, while this entity stacked 118,300 BTC... in just 2 months

Would love for BTC to nuke again and test their hands.

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403 sats \ 7 replies \ @benthecarman 22 Aug 2023

I don't think this is black rock, the address is a P2WPKH address which coinbase does not use.

Maybe it's a central bank 👀

77 sats \ 5 replies \ @Murch 22 Aug 2023

Thanks, for some reason, I thought that the huge increase in segwit transactions in February 2018 was Coinbase rolling out native segwit support, but alas after much search, I found that it only ever was wrapped segwit.

21 sats \ 4 replies \ @Murch 22 Aug 2023

Which then seems to imply that Coinbase either never rolled out segwit support broadly, or did next to no segwit transactions altogether?

42 sats \ 3 replies \ @benthecarman 22 Aug 2023

I think they use it for their hot wallets, but they don't use it for the coinbase custody product

0 sats \ 2 replies \ @Murch 22 Aug 2023

Do you know whether it's wrapped or native segwit?

24 sats \ 1 reply \ @benthecarman 22 Aug 2023

in this it looks like they are using native

https://www.coinbase.com/blog/announcing-bitcoin-btc-support-on-coinbase-wallet

0 sats \ 0 replies \ @Murch 23 Aug 2023

Ah cool, thanks for finding that. This announcement is one year later, though, so maybe I was just confusing the year?

0 sats \ 0 replies \ @birdeye21 OP 22 Aug 2023

Interesting..

177 sats \ 2 replies \ @grayruby 22 Aug 2023

When you see shit like this it just makes you realize how much paper bitcoin is still out there. Short term holders have sold quite a bit and Miners have sold down a little bit but nowhere near the level to match this type of buying, plus what is going on with MSTR and Tether, plus the plebs. All the fluctuation in price is coming from vapour backed futures, options and other stupid derivatives. as long as the contracts roll they never need to settle and deliver the Bitcoin. They will eventually get squeezed into oblivion when people demand the bitcoin instead of the next paper contract. Then all hell will break loose. Until then paper is in control.

73 sats \ 1 reply \ @birdeye21 OP 22 Aug 2023

Covid was the pivotal turning point for BTC

It's where supply on exchanges finally reversed its uptrend

Accumulation like this only adds fuel to the fireworks that'll come when the market realizes this trend isn't going back up

0 sats \ 0 replies \ @faithandcredit 22 Aug 2023

I say that bitcoin that is not on exchanges is bitcoin that is waiting to be sent and sold on exchanges :)

73 sats \ 2 replies \ @carlosfandango 22 Aug 2023

I don’t know the legality of them preloading an ETF but those are huge numbers that don’t seem to have spooked the market..

32 sats \ 1 reply \ @birdeye21 OP 22 Aug 2023

Massive...the bull case is having another huge whale helping to set the floor

Would still love another good flush tho lol

59 sats \ 0 replies \ @grayruby 22 Aug 2023

I think you will get it. I expect this fall into winter for the economy to start to tip over. Correlations go to 1. A pullback to 20k would be a huge gift especially if the etf gets approved early next year and then people start pricing in the halving, the fed starts to ease, all at the same time.

I will be stacking sats regardless. I mean if you believe in the long term thesis 20k, 30k, 100k are all still cheap but of course I would rather buy at 20k than 100k.

70 sats \ 0 replies \ @Public_N_M_E 22 Aug 2023

We could never tell who it really was. But a holding that size. BlackRock really does fit the bill.

70 sats \ 0 replies \ @TheBTCManual 22 Aug 2023

Preparing for an ETF of the size of blackrock and stacking without moving the market is a pretty hard task to pull off

56 sats \ 1 reply \ @newnym 23 Aug 2023

Sorry to have raised your attention, I was just stacking some sats on a new address :)

0 sats \ 0 replies \ @birdeye21 OP 23 Aug 2023

Hate when I catch MSM’s attention with my casual DCAs too ugh

21 sats \ 1 reply \ @Muuny 22 Aug 2023

'proof'

46 sats \ 0 replies \ @birdeye21 OP 22 Aug 2023

i shoulda put a ? after blackrock.. maxxed out the title characters

21 sats \ 0 replies \ @benthecarman 22 Aug 2023

deleted by author

0 sats \ 0 replies \ @nym 25 Apr

Wow, ballsy

0 sats \ 2 replies \ @Louferlou 22 Aug 2023

It's actually a Gemini address

21 sats \ 1 reply \ @Muuny 22 Aug 2023

How can you tell?

10 sats \ 0 replies \ @felipehere 22 Aug 2023

On Twitter: https://x.com/wublockchain/status/1693905744712908968?s=46&t=E2aGzJeeWF70rKeqLZ3Jzg

It makes sense that it is just a new address from an exchange… I guess that, for someone to acquire US$ 3B in such a short time, the USD/BTC would need to move a lot.

0 sats \ 3 replies \ @orthwyrm 22 Aug 2023

How do we know this doesn't belong to an exchange?

0 sats \ 2 replies \ @birdeye21 OP 22 Aug 2023

It's just a fresh address, so it's some new entity. Could be an exchange, but just thought the timing surrounding the BlackRock ETF was funny

It could be Fidelity, Schwab and Citadel's new EDX exchange maybe

25 sats \ 1 reply \ @orthwyrm 22 Aug 2023

Some on Reddit are claiming it's Robinhood, citing this website:

https://platform.arkhamintelligence.com/explorer/address/bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2

Not sure how reputable it is. Interesting nonetheless.

0 sats \ 0 replies \ @birdeye21 OP 22 Aug 2023

hmm Robinhood's been offering bitcoin for awhile now...not sure why they'd feel the need to load up on 118k BTC in 2 months from a new address