Bitcoin Whales Withdraw $771M in BTC Despite Price Weakness
Bitcoin whales continue to accumulate BTC despite recent price weakness. Since October 1, 40 newly created wallets have withdrawn 9,458 BTC, worth about $771.5 million, from Wintermute, according to on-chain data from Lookonchain.
The activity follows earlier reports that large holders had resumed buying after months of selling. CryptoQuant said whale wallets held just over 3 million BTC, while another report this week estimated they bought nearly 89,000 BTC in a month.
Bitcoin has struggled to sustain a rally. After failing to break above $87,000, BTC fell below $80,000, rebounded to $85,000, then dropped more than $3,000 over 36 hours amid worsening macro conditions. It is now below $82,000. Whale accumulation may signal confidence, but price action and broader market conditions remain important risks for traders.
Bullish
The reported withdrawals are a potentially bullish accumulation signal: 40 newly created wallets moved 9,458 BTC, worth about $771.5 million, from Wintermute since October 1. This adds to earlier reports of renewed whale buying, including an estimate of nearly 89,000 BTC accumulated in one month. If these coins are being moved into long-term custody rather than prepared for sale, the reduced readily available supply could support prices over time.
The signal is not confirmation of an immediate rally. Bitcoin remains below $82,000 after failing to hold rebounds and dropping more than $3,000 in 36 hours. The article also points to worsening macro conditions, which can outweigh on-chain accumulation in the short term. Traders may treat the withdrawals as supportive sentiment, but should watch price reactions around key levels, exchange flows, liquidity and broader risk appetite. Similar whale-accumulation reports have often encouraged dip-buying, but they do not reliably prevent further declines when macro pressure or selling momentum persists. The longer-term implication is cautiously positive if accumulation continues and demand absorbs supply; the short-term outlook remains volatile.