For the past two months, the crypto community has been captivated by a Bitcoin address nicknamed 'Mr. 100,' known for receiving exactly 100 BTC deposits every few days. Speculation ran rampant, with some suggesting it belonged to a Qatari billionaire or a nation-state entity. However, blockchain intelligence firm Arkham has now concluded that the wallet is actually the cold storage of Upbit, South Korea's largest cryptocurrency exchange.
Origin of the Mystery Address
The address in question, 1Ay8v..., currently holds approximately 52,996.88 BTC (worth over $3.7 billion), ranking as the 14th-largest Bitcoin holder globally. Its consistent 100 BTC inflows ignited online theories, including a sovereign wealth fund from the Middle East or even a Bitcoin ETF manager. Arkham took to X (formerly Twitter) on Saturday to set the record straight.
Arkham's Evidence
Arkham Intelligence posted: 'We believe these assertions are incorrect – Mr. 100 is in fact an Upbit cold wallet.' The firm provided three key pieces of evidence. First, the majority of Mr. 100's incoming 100 BTC transactions come from consolidating Upbit deposit wallets, not from independent market purchases. Second, a portion of its outflows are directed to Upbit's hot wallets to facilitate customer withdrawals. Third, the address maintains consistent and regular chain links with other Upbit exchange wallets, matching the expected behavior of a cold wallet. These patterns rule out the theories of a private whale or institutional ETF custodian.
Market Reaction and Implications
The discovery has tempered bullish narratives that previously interpreted Mr. 100's steady accumulation as fresh institutional demand. In reality, the wallet acts as an internal treasury address for Upbit, not a new buyer. Still, the find underscores Upbit's significant BTC reserves—its cold wallet ranks among the largest exchange holdings globally. Over the past two months, the address accumulated over 6,000 BTC, reflecting strong Korean retail demand. The case highlights the value of onchain analytics in demystifying large wallet movements and avoiding misinterpretation.
Conclusion
Arkham's identification brings transparency to the community. As the veil over 'Mr. 100' lifts, investors are reminded to scrutinize whale activity carefully. This example also demonstrates how blockchain intelligence tools can reveal the true nature of major addresses, helping the market make more informed decisions.