Key Points
- A significant cryptocurrency whale has increased its Bitcoin holdings despite a substantial loss.
- The whale’s activity indicates a broader trend of accumulation among high-value Bitcoin holders.
A prominent Bitcoin whale has chosen to expand its holdings, notwithstanding a considerable loss, as the price of the asset remains under $63,000.
Whale Activity
According to Lookonchain, the whale, known as “1L7g……xeTs,” acquired an additional 750 Bitcoins from Binance in the past day. This marks the whale’s first transaction in over half a year.
This individual has now increased their Bitcoin holdings to 10,908 BTC, valued at roughly $681 million at the current market price.
Lookonchain has noted that this whale has previously purchased a total of 10,158 BTC at an average price of $67,026 from Binance, the world’s largest cryptocurrency exchange by trading volume, over six months ago.
Current Market Position
The whale is currently experiencing a loss of approximately $46 million on their Bitcoin holdings as the primary cryptocurrency’s price remains below the $63,000 threshold.
This is not an isolated case of accumulation. As reported on October 7, the number of addresses holding over $1 million worth of BTC grew by 2,000 between September 29 and October 2.
Data from IntoTheBlock shows that Bitcoin recorded a total of $109.96 billion in whale transactions, each involving at least $100,000 worth of BTC, over the past week. Whale activity began to increase on October 5 as the overall cryptocurrency market started to show bullish signs.
ITB data also indicates a net outflow of 2,620 BTC from centralized exchanges on October 8, suggesting a trend of accumulation as the market-wide sell-off begins to subside.
At the time of writing, Bitcoin’s price is down 0.3% in the past 24 hours and is trading at $62,400. Its market cap remains above the $1.2 trillion mark with a daily trading volume of $27 billion.