A large crypto whale has decided to accumulate more Bitcoins despite incurring significant losses as the asset’s price remains below $63,000.

Whale Accumulates 750 Bitcoins

According to an update from Lookonchain, this whale, identified as “1L7g……xeTs,” has accumulated 750 Bitcoins, worth $46.8 million, from Binance over the past day. This marks the first transaction recorded by this whale in over six months.

Current Holdings and Losses

The whale now holds 10,908 BTC, valued at approximately $681 million at current prices. Lookonchain’s data suggests that the whale initially purchased a total of 10,158 BTC at an average price of $67,026 over six months ago from Binance, the largest cryptocurrency exchange by trading volume.

At the current price, this whale has lost more than $46 million on BTC!

Increased Whale Activity

This whale is not alone in their accumulation strategy. According to a recent report, the number of addresses holding over $1 million worth of BTC increased by 2,000 between September 29 and October 2.

Data from IntoTheBlock shows 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. Whale activity began to rise on October 5 as the broader crypto market gained bullish momentum.

Market Trends and Net Flows

Data from IntoTheBlock also indicates a net outflow of 2,620 BTC from centralized exchanges on October 8. This suggests an accumulation trend as the market-wide selloff begins to cool down.

Currently, Bitcoin is down 0.3% in the past 24 hours and is trading at $62,400. Its market cap holds above the $1.2 trillion mark, with a daily trading volume of $27 billion.

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