Who is Mr. 100? The mysterious bull of Bitcoin

In the vast and often opaque universe of cryptocurrencies, few players manage to capture the collective imagination as much as a mysterious and recurring figure like “Mr. 100”. This code name, born within the crypto community, does not identify a known person or a famous company, but an entity whose on-chain activities have caused a stir: a mysterious Bitcoin wallet that, with impressive regularity, has purchased packages of 100 BTC at a time for over a year, accumulating one of the largest reserves of Bitcoin in the world.

But who really is Mr. 100? Is it a person, a sovereign fund, an exchange, or an institutional entity? In this article, we explore the history, the theories, and the truth that is emerging about one of the most enigmatic characters in the crypto scene.

The beginning of the legend: constant purchases, always of 100 BTC

Everything started in November 2022, when on-chain analysts began to notice a recurring pattern: a Bitcoin wallet was purchasing lots of 100 BTC with surprising regularity. These purchases were neither isolated nor random, but continuous, often carried out on consecutive days and, in some cases, multiple times a day.

In a market often dominated by emotions, macroeconomic news, and high volatility, Mr. 100’s calm and methodical approach immediately attracted attention. His behavior seemed to embody a precise strategy: accumulate Bitcoin in the long term, regardless of the market price.

Over time, the wallet has exceeded 57,000 BTC (with a value that, in 2025, far exceeds 6 billion dollars), placing itself among the top 20 holders of Bitcoin in the world.

Speculations on Identity: Who is Behind Bitcoin Mr. 100?

As often happens in the crypto world, anonymity fuels theories. Various hypotheses have been formulated about the identity of Mr. 100:

1. Sovereign funds of the Middle East – Some have speculated that behind Mr. 100 there was an investment fund of a state rich in natural resources, such as Saudi Arabia or the United Arab Emirates, in the process of diversifying its portfolio.
2. Asian financial institutions – Others have pointed the finger at banks or financial conglomerates in Hong Kong or Singapore, attracted by the growing institutional interest in Bitcoin as “digital gold”.
3. Ultra-high-net-worth investors – Some analysts have suggested it was an individual with access to enormous capital, eager to accumulate Bitcoin in the long term as a hedge against inflation.
4. An exchange? – The hypothesis that has gained more traction is that Mr. 100 is not a private investor, but rather a cold wallet managed by an exchange for the custody of its users’ assets.

The truth emerges: Mr. 100 is Upbit

In 2024, Arkham Intelligence, one of the leading blockchain analysis platforms, announced that it had identified the wallet known as Mr. 100. According to their analysis, it would be a cold wallet of the South Korean exchange Upbit, one of the largest and most solid in Asia.

We told you guys half a year ago:

“Mr. 100” is an Upbit cold wallet 🤦‍♂️

Next time, check Arkham. https://t.co/R58U8lTxn6 pic.twitter.com/BXM5Sqlf71

— Arkham (@arkham) August 1, 2024

The methodology used by Arkham is based on cross-referencing on-chain data, analysis of incoming and outgoing transactions, connections with other known wallets, and behavioral patterns. The confirmation has put an end to much speculation, but it has also raised new questions.

What does it mean if Mr. 100 is Upbit?

The fact that Mr. 100 is actually a cold wallet of an exchange radically changes the narrative. It would no longer be an institutional investor doing DCA (dollar-cost averaging) with large sums, but an operational wallet used to securely store users’ funds.

In this case, the regular purchases of 100 BTC would be the result of the internal organization of the exchange, which moves funds from hot wallets to cold ones for security reasons.

This is standard behavior among exchanges: user funds are not kept in a single wallet, but distributed between operational wallets and offline custody wallets. However, the way Upbit structured and managed these movements created the illusion of a precise investment strategy, leading to the birth of the myth of Mr. 100.

The impact on the market and the community

Even though it was “only” a wallet exchange, Mr. 100’s activities had a real impact on market perception. In various moments of Bitcoin weakness, when the price was dropping or stagnating, Mr. 100’s purchases were interpreted as bullish signals by observers and traders.

Platforms like Twitter/X, Reddit, and Telegram have repeatedly circulated the news of new movements of the Mr. 100 wallet, creating hype and increasing positive sentiment, as if an entity with a long-term vision were silently betting on the future of Bitcoin.

Why the story of Mr. 100 remains important for Bitcoin

Even after the doxxing by Arkham Intelligence, the figure of Mr. 100 remains significant for several reasons:

1. Shows the importance of on-chain transparency – The entire mystery arose thanks to the transparency of the blockchain: anyone can observe the movements of the wallets. It is the triumph of transparent finance.
2. Reveals how appearances can be deceiving – A behavior that seemed strategic on the part of an investor turned out to be operational management of an exchange.
3. Remains an example of accumulation strategy – Even if not voluntary, the regular distribution of funds in packages of 100 BTC has given visibility to the concept of constant accumulation and has inspired many retail investors to consider the DCA approach.
4. Confirms the central role of exchanges – Upbit, often less mentioned compared to names like Binance or Coinbase, proves to be among the main holders and players in the ecosystem.

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The myth of Mr. 100 still lives

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The story of Mr. 100 reminds us how the crypto world is still young, fascinating, and, at times, cryptic. A simple wallet with an automatic transfer strategy gave birth to an entire myth, a symbol of long-term trust in Bitcoin.

And even if today we know that behind that nickname hides an exchange and not a mysterious billionaire, the aura of Mr. 100 continues to fuel the narrative of a community always fascinated by the unknown, and deeply connected to on-chain dynamics.