A major cryptocurrency investor has withdrawn 1,350 Bitcoin, valued at $141.91 million, from Binance exchange, increasing their total holdings to approximately $2.19 billion amid Bitcoin's return to six-figure territory, according to blockchain analytics firm Lookonchain.
What to Know:
- Several large-scale investors are accumulating Bitcoin as its price surpasses $100,000
- One major investor now holds 20,723 Bitcoin worth $2.19 billion after their latest withdrawal
- UK-based Abraxas Capital Management has also purchased $837 million worth of Ethereum since May 7
The withdrawal pattern reflects a broader trend of institutional accumulation occurring as cryptocurrency markets reach new milestones. Blockchain data shows this particular investor now possesses 20,723 Bitcoin, placing them among the largest individual holders of the digital asset.
"Many whales are accumulating BTC," Lookonchain reported, identifying multiple large transactions occurring within a short timeframe.
Among these transactions, an address linked to Abraxas Capital withdrew 675 Bitcoin valued at $71.03 million from Kraken on Monday. This account currently maintains a position of 1,797 Bitcoin worth approximately $190.11 million, according to the analytics firm.
The accumulation extends beyond established entities. Lookonchain also identified a newly created wallet that withdrew 500 Bitcoin, valued at $51.58 million, from Binance on Sunday. These significant outflows from centralized exchanges typically indicate long-term holding intentions rather than immediate trading plans.
Institutional Investment Expanding Beyond Bitcoin
The investment activity isn't limited to Bitcoin. United Kingdom-based Abraxas Capital Management has demonstrated substantial interest in Ethereum, cryptocurrency's second-largest asset by market capitalization.
"After a three-day break, Abraxas Capital accumulated 46,295 ETH ($115.3 million) again," Lookonchain noted in their analysis of on-chain movements.
The investment firm's Ethereum strategy appears particularly aggressive. "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," according to the blockchain analytics provider.
This large-scale acquisition represents one of the more significant institutional positions taken in Ethereum this year. The purchase timing coincides with increasing institutional interest in cryptocurrency beyond Bitcoin following regulatory clarifications in several jurisdictions.
Market Conditions Punish Short Sellers
While accumulation accelerates among large investors, market conditions have proven unfavorable for those betting against price appreciation. Lookonchain identified one particular trader facing substantial losses on leveraged short positions.
"As the BTC price rises, this whale who shorted BTC, ETH and SOL with 10x leverage is now down ~$1.71 million on BTC," the analytics firm reported. Rather than closing the position, "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 traded at $105,278 at time of reporting, showing minimal daily change. Ethereum meanwhile traded at $2,482, representing a 1% increase over the previous 24 hours.
Closing Thoughts
The continued accumulation of Bitcoin and Ethereum by institutional investors and wealthy individuals demonstrates growing confidence in cryptocurrency as an asset class despite already substantial price appreciation. This pattern of exchange withdrawals suggests these investors are positioning for potential long-term value rather than short-term trading opportunities.