Whale Holding $2,190,000,000 in Bitcoin Withdraws More BTC From Binance in Accumulation Spree: Lookonchain

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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