While speculators believe Bitcoin’s third largest wallet is a mysterious whale, Onchain data suggests it is an exchange

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The price of bitcoin has fallen below the $ 60,000 zone, a number of people have talked about the third largest bitcoin address called “1P5ZED” which has accumulated thousands of bitcoins over the past few days. No one knows who owns the wallet, but he holds over 111,359 bitcoins as he has been accumulating bitcoins on a regular basis since the wallet’s first transaction on February 5, 2019. While some assume the address is a bitcoin mega whale, the onchain data also indicates that the wallet could be linked to an exchange.

A Myriad of Stories Linked to the Third Largest Bitcoin Wallet Specify the Address is a Whale That ‘Bought the Drop’

Bitcoin’s fiat value has been volatile and this is one of those times when everyone is looking for answers as to why BTC has lost value. For example, on November 10, bitcoin (BTC) fell from an all-time high of $ 69,000 (ATH) and five days later it was between $ 65,000 and $ 66,000 per unit. Since the ATH of the crypto asset, bitcoin has lost 16% of its value and slipped below the $ 60,000 zone. Of course, the volatility has prompted whale watchers and people to talk about bitcoin whale transactions that take place in real time.

The third largest Bitcoin whale just bought the dive! – purchasing a total of 1.123 BTC (72 million USD) priced at $ 64,000 #BTC #buythedip #cryptobrothers #Ethereum #SHIB #cryptotrading https://t.co/RWA5hIj02A

– Crypto Bros. (@CryptoBroUK) November 13, 2021

Bitcoin whales are individuals or organizations with large amounts of BTC and the whale can be of different sizes as well. Depending on who you ask, BTC whales can be individuals or organizations that own 1,000, 10,000, 50,000, and 100,000+ bitcoins. An entity that holds more than 100,000 BTC would be considered a “mega-whale,” and there are only three bitcoin addresses with 100,000 BTC or more. The five largest BTC wallets contain between 84K and 288K BTC and three of these wallets are marked or labeled as exchanges.

The five richest bitcoin addresses as of November 19, 2021.

Lately, crypto posts and many people on social media and forums have speculated on the shares of the third largest bitcoin wallet. Conversation is all the rage and many people believe that a large whale “bought the drop” while the price of BTC has plummeted. Bitcoin.com News also saw some great whale sightings as BTC hit new price highs nine days ago. Although the whales discovered by our press team come from block rewards of bitcoin mined over ten years ago.

Onchain Data and Cluster Spending Show Third Richest Bitcoin Address Belongs To Crypto Exchange

The third largest bitcoin (BTC) address was first created on February 5, 2019, when it received a small fraction of BTC. Seven days later, onchain data shows that the wallet earned 1,119 BTC on February 12, 2019. The wallet address “1P5ZED” does not look like an individual bitcoin holder and the transactions that 1P5ZED processed look more like a trading activity from a crypto trading platform. As mentioned above, three of the top five BTC addresses are reported to be associated with cold wallets owned by Binance, Bitfinex, and Okex.

The third largest Bitcoin wallet started being active in February 2019.

1P5ZED has all the telltale signs of being associated with an exchange and it’s not known for sure, but it has been reported a few times. The address has received a lot of BTC over the past two years and sometimes it spends BTC as well. 1P5ZED’s transactions have very little privacy according to statistics from blockchair.com, as the Block Explorers privacy tool reports that most of its transactions are done with a very low preference for privacy. Most 1P5ZED transactions have a “critical” to “low” confidentiality rating in terms of the level of traceability. Transactions suffer from vulnerabilities such as matched addresses and inputs and outputs that are often similar.

#Bitcoin’s third largest no-trade whale address (1P5ZEDWTTKTFGxQjZphgWPQUpe554WKDfHQ) has bought a total of 3,038 BTC in batches for four consecutive days since the 16th, with an average price of around $ 59,744.22

Source: https://t.co/NwewDCXXqr

– CoinCarp (@coincarpcom) November 19, 2021

Block explorer annotations further suggest that 1P5ZED belongs to an exchange

On oxt.me block explorer, the 1P5ZED address is associated with notes that explain that the address could be linked to an exchange. The first annotation on oxt.me about 1P5ZED states that it was submitted by someone named “TEJAS” on November 22, 2020. The individual writes “could be Bittrex” and also leaves a link in the annotation. The article referred to a transfer of 717 BTC that was allegedly made between Bittrex and 1P5ZED.

The third largest bitcoin addresses the first annotation that notes that it may be owned by Bittrex.

The second annotation on oxt.me block explorer was added by “ERGOBTC” on July 14, 2020. The note states that “the source of the address suggests Gemini or Coinbase”. This led our investigation to analyze the trades of 1P5ZED over the past two months and it shows that 1P5ZED does a lot of trading with the BTC wallet address known as “1FzWLk”. While 1FzWLk deals a lot with 1P5ZED, 1FzWLk is also marked with a note on oxt.me about the address.

The third largest bitcoin addresses the second annotation which notes that it may have links to Coinbase and Gemini.

Annotation 1FzWLk was also submitted by ERGOBTC, on the same day the second annotation was applied to 1P5ZED. “[1FzWLk] annotated as Okex by Whale Alerts. Although source and cluster spending suggests closer ties to Coinbase and Gemini. While it is not certain whether 1P5ZED (which acts like a cold exchange wallet) and 1FzWLk (which acts more like a hot wallet) belong to a trading venue, there is a lot of other evidence to suggest. ‘support which show that 1P5ZED probably belongs to an exchange.

Tags in this story 3rd largest address, 3rd largest wallet, annotation, Binance, Bitcoin, Bitcoin (BTC), bitcoin whale, Bitcoin Whales, Bittrex, Block explorer, BTC Whale, Coinbase, crypto exchange, data, Ergobtc, flag, Gemini, Okex, Onchain data, oxt.me, speculators, tag, whale, whale watching

Do you think 1P5ZED is a random whale address or do you think it belongs to an exchange? Let us know what you think of this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, oxt.me, bitinfocharts.com,

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