A recently created Gemini multisig custody wallet, identified as 0xc96, has been accumulating significant quantities of various altcoins over the past two weeks.
The wallet, established just 18 days ago, shows impressive holdings, with the latest activity recorded just one day ago.
The wallet’s recent withdrawals include:
– 42,000 ETH, valued at approximately $103.8 million
– 350,000 LINK, worth around $3.77 million
– 200 billion SHIB, totaling $3.39 million
– 400 billion PEPE, valued at roughly $3.29 million
A new Gemini multisig custody wallet has just accumulated millions in altcoins.
A Gemini multisig custody wallet, 0xc96, recently withdrew:
– 42K $ETH ($103.8M)
– 350K $LINK ($3.77M)
– 200B $SHIB ($3.39M)
– 400B $PEPE ($3.29M)This wallet was created just 18 days ago, with its… pic.twitter.com/HFtm8DONI5
— Spot On Chain (@spotonchain) November 4, 2024
While Bitcoin has been approaching its all-time high, displaying a clear bullish trend, most altcoins are lagging behind, trading at considerably lower levels.
This divergence is notable; while BTC is benefiting from strong momentum, many altcoins appear to be struggling. A prime example is Chainlink (LINK), which, despite Bitcoin’s recent rally, has reverted to its price from around a year ago.
The creation and activity of this Gemini wallet have sparked interest, given its sizable accumulation of high-profile altcoins during a period when most are underperforming.
The strategic assembly of ETH, LINK, SHIB, and PEPE suggests that institutional players might be positioning for a potential shift in the altcoin market, even as BTC leads the broader crypto market rally.
Whether this Gemini wallet’s activity signals confidence in an altcoin resurgence remains to be seen, but its substantial holdings have caught the attention of crypto enthusiasts and analysts alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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