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

A large crypto whale decided to accumulate more Bitcoins despite standing in a huge loss as the asset’s price remains below $63,000.

According to an X post by Lookonchain, this whale, “1L7g……xeTs,” accumulated 750 Bitcoins (BTC), worth $46.8 million, from Binance over the past day. This is the first transaction recorded by the whale in over six months.

The whale extended their Bitcoin holding to 10,908 BTC, worth $681 million at the current price, per Lookonchain. 

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

This whale is currently witnessing a loss of roughly $46 million on their Bitcoin holdings as the flagship cryptocurrency consolidates below the $63,000 mark.

Notably, this is not the only whale to accumulate at this time. Per a crypto.news report on Oct. 7, the number of addresses holding over $1 million worth of BTC increased by 2,000 between Sept. 29 and Oct. 2.

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

Data from ITB also shows a net outflow of 2,620 BTC from centralized exchanges on Oct. 8. The indicator hints at an accumulation trend as the market-wide selloff cools down.

Bitcoin is down 0.3% in the past 24 hours and is trading at $62,400 at the time of writing. Its market cap is holding above the $1.2 trillion mark with a daily trading volume of $27 billion.