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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 (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>), worth $46.8 million, from Binance over the past day. This is the first transaction recorded by the whale in over six months.
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 The giant whale with 10,158 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($681M) accumulated 750 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($46.8M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> again today after being dormant for 6 months! At the current price, this whale has lost more than $46M on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>!<a rel="noopener noreferrer nofollow" href="https://t.co/kkz7G9icuW" target="_blank">https://t.co/kkz7G9icuW</a> <a rel="noopener noreferrer nofollow" href="https://t.co/ZwsqE55YVi" target="_blank">pic.twitter.com/ZwsqE55YVi</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1843890289435652309?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 9, 2024</a>
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The whale extended their Bitcoin holding to 10,908 BTC, worth $681 million at the current price, per Lookonchain.&nbsp;
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 <a href="https://crypto.news/exchanges/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, the largest cryptocurrency exchange by trading volume.
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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 <a href="https://crypto.news/addresses-holding-over-1m-in-bitcoin-increased-by-2k-in-5-days/" target="_blank" rel="noopener noreferrer nofollow">increased</a> 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.
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 BTC price and exchange net flows – Oct. 9 | Source: <a href="https://app.intotheblock.com/coin/BTC" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>
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Data from ITB also shows a net outflow of 2,620 BTC from <a href="https://crypto.news/what-is-a-cex-a-beginners-guide-to-centralized-crypto-exchanges/" target="_blank" rel="noopener noreferrer nofollow">centralized exchanges</a> 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.
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Whale is down $46m on BTC, but continues to accumulate more

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