Bitcoin’s price momentum in early 2024 has reignited global investor enthusiasm, pushing the leading cryptocurrency to the brink of its all-time high. With bullish sentiment spreading across markets, derivatives activity is surging, and whispers of institutional accumulation are growing louder. Notably, a surprising claim about Warren Buffett’s early Bitcoin holdings has stirred debate — while a mysterious wallet dubbed “Mr.100” continues to accumulate BTC at an unprecedented pace.
Bitcoin Nears All-Time High Amid Soaring Demand
As of March 5, 2024, Bitcoin surged past $68,000, reaching $67,710.23 during U.S. market hours — an 8% increase from the previous day. Just two hours later, it broke through the $68,000 barrier, now standing just under $1,300 from its November 2021 peak of approximately $69,000.
This rally reflects strong market confidence and growing institutional interest. Ethereum, the second-largest cryptocurrency by market cap, also climbed above $3,600 for the first time since 2022, though its 3.5% daily gain lagged behind Bitcoin’s momentum. Meme coins remained volatile yet profitable for traders, with Dogecoin (DOGE) and Shiba Inu (SHIB) posting two-day gains of up to 70% and 103%, respectively.
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Why Is Bitcoin Rallying Now?
Several macro and micro factors are fueling this surge:
- Bitcoin ETF inflows: Since the U.S. SEC approved spot Bitcoin ETFs in January 2024, billions have flowed into these products. The ease of access via traditional brokerage platforms has drawn in retail and institutional capital alike.
- Declining exchange supply: On-chain data shows a consistent drop in Bitcoin reserves held on centralized exchanges. This suggests long-term holders are moving BTC into cold storage, tightening supply and increasing scarcity.
- Resilience amid macro uncertainty: According to 10xResearch, Bitcoin is increasingly seen as a resilient alternative asset — uncorrelated with traditional markets and immune to direct government control. This perception strengthens its appeal during periods of monetary instability.
Market analysts note that investor behavior is shifting toward a “price-agnostic” accumulation mindset — buying regardless of short-term fluctuations due to long-term conviction in Bitcoin’s value proposition.
Options Market Bets on $80,000 by March End
Derivatives markets are flashing bullish signals. Open interest in Bitcoin options has reached record levels, with increasing call volume suggesting traders expect further upside.
Key indicators point to rising optimism:
- High funding rates: Per Jaime Baeza, founder of An BInvestments, perpetual swap funding rates hit annualized levels of 50–70% over the weekend — a level last seen during the peak of the 2020–2021 bull run.
- Elevated futures basis: The premium of futures prices over spot (known as basis) remains high. One-month futures trade at around 30% annualized premium, two-month at 25%, and April contracts at 22%.
These conditions mirror those observed before major price breakouts in prior cycles, indicating that sophisticated traders are positioning for substantial upward movement — possibly targeting $80,000 by the end of March.
The Buffett Bitcoin Mystery
In a surprising twist, Tron founder Justin Sun claimed via social media that Warren Buffett held at least one Bitcoin since 2020. While no verifiable on-chain evidence directly links Buffett to a personal wallet, the claim gained traction due to Buffett’s indirect exposure to crypto through Berkshire Hathaway’s investments.
Historically, Buffett has been vocal in his criticism of Bitcoin, famously calling it “rat poison squared” in 2018. However, his firm has evolved its stance:
- In 2021, Berkshire invested in Nu Holdings (formerly NuBank), a digital bank operating in Brazil, Mexico, and Colombia.
- As of early 2024, Berkshire owns a 2.3% stake in Nu Holdings — representing 0.3% of its total equity portfolio.
While this doesn’t equate to direct Bitcoin ownership, it underscores Buffett’s willingness to back fintech innovation — including blockchain-based financial services — even if he remains skeptical about cryptocurrencies themselves.
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Who Is “Mr.100”? The Mystery Buyer Accumulating BTC Daily
One of the most intriguing developments is the emergence of a wallet nicknamed “Mr.100,” which has been purchasing over 100 BTC per day since February 15 — and accelerating purchases after Bitcoin surpassed $60,000.
Chainalysis reveals that:
- Over 75% of transactions occur during Asian trading hours.
- No outgoing transfers have been recorded — only consistent buying.
- The wallet’s activity pattern suggests coordinated accumulation rather than retail behavior.
Speculation about its identity varies widely:
- Amberdata’s Chris Martin suggests it could be linked to a Bitcoin ETF provider or large financial institution but notes that most such entities disclose their addresses.
- Analyst Mai believes it may be tied to Upbit, South Korea’s largest crypto exchange, given the geographic transaction timing.
- ZeroHedge posits a more dramatic theory: that a central bank could be behind the purchases, quietly stockpiling BTC as strategic reserve assets.
Regardless of who’s behind it, “Mr.100” symbolizes a broader trend: major players are actively accumulating Bitcoin ahead of the upcoming halving event — expected in April 2024.
FAQ: Your Top Bitcoin Questions Answered
Q: Is there proof Warren Buffett owns Bitcoin?
A: No direct evidence confirms personal ownership. However, his company’s investment in fintech firms like Nu Holdings shows indirect exposure to crypto-friendly ecosystems.
Q: What does the “Mr.100” wallet mean for Bitcoin’s price?
A: Sustained large-scale buying reduces available supply on exchanges, creating upward pressure on price — especially when combined with strong ETF inflows and halving anticipation.
Q: Can Bitcoin really reach $80,000 by March 2024?
A: While not guaranteed, rising options activity and bullish derivatives metrics suggest significant market confidence in a breakout above $70,000 — with $80,000 within reach if momentum holds.
Q: How does the Bitcoin halving affect price?
A: Historically, the halving — which cuts miner rewards in half — reduces new supply entering the market. Combined with steady or rising demand, this often leads to price increases months afterward.
Q: Are we in a new bull market?
A: Multiple indicators suggest yes: rising institutional adoption, strong on-chain fundamentals, increasing retail participation, and growing derivatives activity all point to a sustained upward cycle.
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Final Thoughts: A New Era for Digital Assets
Bitcoin is no longer a fringe experiment — it's becoming a core component of modern investment portfolios. Whether driven by ETF adoption, geopolitical uncertainty, or structural scarcity from the halving, demand continues to outpace supply.
The rumors around Buffett and the enigma of “Mr.100” highlight a critical shift: even traditional finance heavyweights are engaging with crypto — directly or indirectly. As market infrastructure matures and regulatory clarity improves, Bitcoin’s role as digital gold appears more solidified than ever.
For investors, understanding these dynamics isn’t just about catching gains — it’s about recognizing a fundamental transformation in how value is stored and transferred globally.
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