Bitcoin has fallen more than $3,000 from its peak earlier this week and now trades below $82,000, but on-chain data indicates that large holders have continued to accumulate the asset.
Lookonchain reported that 40 newly created addresses have withdrawn 9,458 BTC, worth about $771.5 million, from Wintermute since Oct. 1. The on-chain tracking account highlighted the withdrawals as evidence of whale accumulation.
Accumulation follows months of selling
The latest data builds on CryptoQuant research published in the middle of the month, which said whales had resumed accumulation after months of selling. That shift coincided with bitcoin’s recovery from below $62,000 in early August to $87,000 in September.
At the time, CryptoQuant data showed these large wallets held just over 3 million BTC, the highest combined balance since Nov. 21, 2025. A separate report earlier this week said large market participants had purchased almost 89,000 BTC in one month.
Price remains under pressure
Bitcoin’s price action has been less impressive. Despite expectations for “Uptober,” the asset was rejected at $87,000 on a couple of occasions and eventually fell below $80,000.
It rebounded to $85,000 earlier this week, but a deteriorating macro backdrop added another hurdle. In the following 36 hours, bitcoin fell by more than $3,000 and is now below $82,000.
