Whale Loses $46 Million on BTC, Still Accumulating
Date: 2024-10-09 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
According to a post on Lookonchain’s X platform, the whale with the address “1L7g……xeTs” purchased 750 Bitcoin worth $46.8 million via Binance in the last 24 hours. This is the whale’s first transaction in over six months.
The whale’s total holdings now stand at 10,908 BTC, equivalent to $681 million at the current price, according to Lookonchain. The post also indicates that the whale bought 10,158 BTC at an average price of $67,026 more than six months ago on Binance, the largest cryptocurrency exchange by trading volume.
The whale is currently losing around $46 million on its Bitcoin holdings as the leading cryptocurrency continues to consolidate below the $63,000 mark.
It’s worth noting that this isn’t the only whale accumulating assets at the moment. According to a crypto.news report from October 7, the number of addresses holding more than $1 million in BTC increased by 2,000 from September 29 to October 2.
Data provided by IntoTheBlock shows that whales have logged $109.96 billion in transactions involving at least $100,000 in BTC over the past seven days. Whale activity has been on the rise since October 5, as the broader crypto market began to show signs of a bullish trend.
ITB data also shows a net outflow of 2,620 BTC from centralized exchanges on October 8, indicating an accumulation of assets as the market sell-off stabilizes.
At the time of writing, Bitcoin is down 0.3% over the past 24 hours and is trading at $62,400. BTC's market cap is over $1.2 trillion, with a daily trading volume of $27 billion.
