The crypto community has been captivated by a significant Bitcoin investor dubbed "Mr. 100", who has amassed over 52,996 Bitcoins, totaling more than $3.5 billion. Since the collapse of the crypto exchange FTX in November 2022, Mr. 100 has been aggressively increasing its Bitcoin holdings at an average pace of 100 Bitcoins per day.

According to data, Mr. 100 made a notable purchase of at least 1,000 Bitcoins on March 15, constituting an impressive 52% of the total purchases by the top 10 Bitcoin exchange-traded funds (ETFs). The trading activity of Mr. 100 suggests a broader strategy, with transaction history dating back to 2019, indicating involvement in the Bitcoin market well before the current bullish trend.

Speculation abounds regarding the true identity of Mr. 100, with theories proposing it could be a Hong Kong-based financial institution gearing up for a Bitcoin ETF, sovereign wealth funds from the Middle East, or even a tech giant discreetly entering the cryptocurrency market. However, an investigation by Arkham Intelligence, a blockchain forensics platform, offers an alternative perspective.

The investigative platform identified a link between Mr. 100's wallet and Upbit cold wallets, noting transaction patterns typical of an exchange cold wallet. The institution asserts that Mr. 100 is, in fact, an Upbit Cold Wallet, extensively connected to other Upbit wallets and primarily used for consolidating Upbit deposits.

This discovery suggests that Mr. 100 may not be a single large investor but rather a component of the operations of a well-known cryptocurrency exchange. It underscores the significance of cold wallets in securely managing digital assets within the crypto market.