A Bitcoin wallet has had inflows of $3B in 3 months and it is said to be the wallet of the Gemini Exchange, making it the #3 biggest BTC wallet behind only Binance and Bitfinex.

Now it is once again time to put our tinfoil hats on, but I will try to keep this as realistic as possible anyway. Before three months a Bitcoin address started to accumulate and in just three months this very address has 118k BTC, which are $3B at the current prices, truly a big whale. In fact, that is the #3 biggest Bitcoin holder.

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Graph of the $3B accumulation in three months

But did really one singular entity buy $3B worth of BTC over just the last three months in the middle of this bear market? That is just too good to be true and it actually is…

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Analysis by Wu Blockchain regarding the mystery address

From this blockchain analysis by Wu Blockchain and the following link you can see how the address is very likely tied to a Gemini cold wallet and the exchange either was buying more or just transferring their whole stack to one new wallet, the latter is more likely.

But this information is also not 100% confirmed yet and would make Gemini technically the third biggest BTC holder. But contrary to the Gemini links there have also been a few Robinhood links. But either way this just shows how even exchanges are repositioning themselves for the next bull market or just simply the next big market event.