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BTC/USD, 1-week chart. Source: Marco Johanning

Related: Hong Kong Bitcoin ETFs not enough to absorb US ETF selling pressure

Mr. 100 confirmed as Upbit cold wallet: Crystal Intelligence

Cointelegraph previously confirmed that the “Mr. 100” address belongs to the Upbit exchange, according to wallet forensics analysis from Crystal Intelligence.

The blockchain intelligence firm told Cointelegraph:

“We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service. Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”

All the 14 secondary wallet addresses associated with the main wallet of Mr. 100 have passed Know Your Customer verification on Upbit exchange, wrote pseudonymous on-chain sleuth Mai in a March 15 X response:

“Mr.100 uses a small wallet address to buy $BTC. I find it very similar to what Upbit usually does with altcoins (ETH network). If we follow Upbit’s cash flow, we will see the coincidence.”