A large entity is reportedly accumulating more Bitcoin (BTC) from the world’s top crypto exchange Binance, according to blockchain tracking firm Lookonchain.
Lookonchain reports that one crypto whale just accumulated 1,350 BTC, worth $141.91 million at the time, bringing his total holdings to 20,723 BTC, worth $2.19 billion.
The deep-pocketed investor is among several whales suddenly accumulating the flagship crypto asset as BTC returns to trading above $100,000.
Says Lookonchain,
“Many whales are accumulating BTC…
bc1qpu (linked to Abraxas Capital) withdrew 675 BTC ($71.03 million) from Kraken [Monday] and currently holds 1,797 BTC ($190.11 million).
A newly created wallet ‘bc1q5k’ withdrew 500 BTC ($51.58 million) from Binance [Sunday].”
Lookonchain reports that United Kingdom-based investment manager Abraxas Capital Management is also suddenly buying more Ethereum (ETH).
“After a three-day break, Abraxas Capital accumulated 46,295 ETH ($115.3 million) again. Since May 7th, Abraxas Capital has accumulated 350,703 ETH ($837 million) at an average price of $2,386, with an unrealized profit of $50 million.”
As digital assets strengthen, Lookonchain says one whale shorting the crypto market is looking at nearly $2 million in losses.
“As the BTC price rises, this whale who shorted BTC, ETH and SOL with 10x leverage is now down ~$1.71 million on BTC. [On Monday], he deposited another four million USDC into Hyperliquid to increase his BTC short and average up his entry while lowering liquidation risk.”
Bitcoin is trading for $105,278 at time of writing, flat on the day. Meanwhile, Ethereum is trading for $2,482 at time of writing, up 1% in the last 24 hours.
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