Mystery Wallet Owner Buys $424 Million Worth of Bitcoin, Speculation Arises About Possible ETF Connection

According to Bitinfocharts, the owner of a mystery wallet has purchased 11,268 bitcoin (BTC) worth $424 million since November 10, making them the 74th largest holder of BTC. The purchases were made at prices ranging from $36,000 to $38,000, resulting in unrealized profits of around $9.8 million at bitcoin's current price. There is speculation that the wallet may be linked to a U.S. asset management company preparing to launch a spot bitcoin ETF, which would require holding and custody of a large amount of bitcoin. Approval of a spot ETF could create trillions in value, according to VanEck advisor Gabor Gurbacs.