This week, the cryptocurrency community has been closely watching the remarkable rise of a prominent bitcoin whale address. In just two weeks, this address has climbed from the 492nd spot to become the 72nd largest bitcoin holder. The whale has acquired over 10,000 bitcoin during this time, which has sparked speculation about how exchange-traded funds (ETFs) like Blackrock will obtain bitcoin. Some believe that these funds may be directly purchasing from miners.
Mystery Whale Wallet Rockets to Top Bitcoin Ranks
Blockchain data reveals that a bitcoin wallet known as "bc1qc" has rapidly accumulated a significant number of bitcoins in a short period. This wallet has become a popular topic of discussion on social media platforms, with many users highlighting the emergence of this new whale.
The wallet was first noticed on October 31, 2023, when it acquired 109.81 BTC. Just ten days later, it added another 736.69 BTC. By the middle of November, the wallet had climbed to the top 500, securing the 492nd rank.
As of today, this bitcoin whale wallet holds the 72nd position globally. On November 28, 2023, it made two separate deposits of 163.67 BTC and 376.28 BTC, further adding to its growing collection. Currently, the wallet holds approximately 10,393.22 BTC, valued at around $397 million based on current exchange rates.
Interestingly, this wallet remains unidentified on blockchain explorers like Arkham Intelligence and OXT, adding to the mystery surrounding its owner. However, it continues to be closely monitored. The emergence of this new whale aligns with the ongoing speculation about miners selling their bitcoin to financial institutions that are launching spot bitcoin ETFs.
These institutions are expected to require substantial amounts of bitcoin (BTC) to generate sufficient interest in their funds. It is speculated that ETF managers may already be acquiring BTC from miners through over-the-counter (OTC) transactions to prevent significant impact on the spot market. As a result, whale wallets like "bc1qc" could appear unexpectedly.
What are your thoughts on the bitcoin whale address acquiring over 10,000 bitcoin in the past two weeks? Share your opinions in the comments section below.
Frequently Asked Questions
How Does Gold Perform as an Investment?
The supply and demand for gold affect the price of gold. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. You must also store physical gold somewhere to avoid the risk of it becoming stale.
What's the advantage of a Gold IRA?
A gold IRA has many benefits. It can be used to diversify portfolios and is an investment vehicle. You have control over how much money goes into each account.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best part about gold IRAs? You don't have to be an expert. They are offered by most banks and brokerage companies. Withdrawals are made automatically without having to worry about fees or penalties.
There are also drawbacks. Gold is historically volatile. It's important to understand the reasons you're considering investing in gold. Are you seeking safety or growth? Do you want to use it as an insurance strategy or for long-term growth? Only when you are clear about the facts will you be able take an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. You won't need to buy more than one ounce of gold to cover all your needs. You could need several ounces depending on what you plan to do with your gold.
You don't need to have a lot of gold if you are selling it. You can even live with just one ounce. But, those funds will not allow you to buy anything.
What precious metal should I invest in?
This question depends on how risky you are willing to take, and what return you want. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. If patience and time are your priorities, silver is the best investment.
Gold is the best investment if you aren't looking to get rich quick. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
How is gold taxed in Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
The rules governing these accounts vary by state. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you to delay withdrawals until April 1. New York allows you to wait until age 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
irs.gov
cftc.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Lawful – WSJ
finance.yahoo.com
How To
3 Ways To Invest in Gold For Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. There are many ways to invest in gold if you have a 401k account at work. You might also be interested to invest in gold outside the workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are the rules for gold investing:
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, cash in your accounts. This will protect you from inflation and help keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. In other words, spread your wealth around by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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By: Jamie Redman
Title: Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz
Sourced From: news.bitcoin.com/bitcoin-whale-soars-to-72nd-rank-in-2-weeks-gathering-over-10000-btc-amid-etf-buzz/
Published Date: Tue, 28 Nov 2023 22:05:57 +0000
