Whale is down $46m on BTC, but continues to accumulate more

A major crypto whale decided to accumulate more Bitcoin despite suffering a huge loss as the asset’s price remained below $63,000.

According to Lookonchain’s X post, this whale named “1L7g……xeTs” accumulated 750 Bitcoin (BTC) worth $46.8 million from Binance the other day. This is the whale’s first recorded transaction in more than six months.

Whale increased his Bitcoin holdings to 10,908 BTC, which is worth $681 million at the current price, according to Lookonchain.

Lookonchain’s X post suggests the whale purchased a total of 10,158 BTC from Binance, the largest cryptocurrency exchange by trading volume, six months ago at an average price of $67,026.

This whale is currently witnessing a loss of around $46 million in Bitcoin holdings, with the flagship cryptocurrency consolidating below $63,000.

It is noteworthy that this is not the only whale accumulating at this time. According to the crypto.news report published on October 7, the number of addresses holding BTC worth over $1 million increased by 2,000 between September 29 and October 2.

According to data provided by IntoTheBlock, Bitcoin has recorded a total of $109.96 billion in whale transactions consisting of at least $100,000 worth of BTC over the past seven days. Whale activity began to increase on October 5 as the broader crypto market gained bullish momentum.

BTC price and foreign exchange net flow – October 9 | Source: IntoTheBlock

Data from ITB also shows a net outflow of 2,620 BTC from centralized exchanges on October 8. The indicator points to an accumulation trend as market-wide selling cools.

Bitcoin is down 0.3% in the last 24 hours and is trading at $62,400 at the time of writing. Its market value is over 1.2 trillion dollars, with a daily transaction volume of 27 billion dollars.