Recently, a Bitcoin address (bc1ql49) with rapidly growing assets has attracted the attention of the crypto community. In just three months, it has accumulated 120,000 Bitcoins (worth approximately US$3.1 billion), becoming the third largest Bitcoin address in the world. Coin holding address, second only to Binance and Bitfinex.

Regarding this matter, the crypto community pointed the finger at BlackRock, which recently applied for a Bitcoin spot ETF, but is it really possible that this is an address held by BlackRock?

Bloomberg analysts refute rumors that the address is not BlackRock

Regarding rumors in the crypto community that this address is owned by BlackRock, Bloomberg’s research analyst James Seyffart made it clear that BlackRock will not invest hundreds of millions of dollars like this address, nor will it invest in an address that may pass ETF buys Bitcoin in large quantities.

“BlackRock will not accumulate Bitcoin until the fund goes public. Yes, technically they may buy Bitcoin for other funds under their umbrella, or buy Bitcoin for themselves in some way. But for this ETF ( The Bitcoin of the Bitcoin Spot ETF may be purchased the day before the fund is officially launched." James Seyffart said.

After the fund is listed, any newly injected funds will be used to purchase new Bitcoins. In order to create shares of the ETF, Authorized Participants (Authorized Participants) will send Bitcoins to the ETF issuing company, and in return, they will receive a share of the ETF. Proportionate allocation of ETF shares.

The figure below is a flow chart produced by BlackRock, which clearly shows how the ETF operates.

If it’s not BlackRock, who owns it?

If not BlackRock, who owns this address?

According to Wu Shuo Blockchain’s report, after investigating the fund flow, it was discovered that the assets of this address mainly came from the original world’s third largest Bitcoin holding address (1LQoWist), and Crypto Quant CEO Ki Young Ju once said that the address starting with 1L It may be the cold wallet address of the exchange Gemini.

Therefore, it is more likely that this address is held by Gemini than BlackRock.

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