Bitcoin whales move $771.5M from Wintermute as buying claims spread

Bitcoin whale accumulation claims have gained traction after Lookonchain reported that 40 newly created wallets withdrew 9,458 BTC, valued at $771.5 million, from Wintermute since Oct. 1.

Lookonchain described the movements as whale accumulation, while the reported figures document transfers to new addresses without identifying the recipients or establishing their purchase prices.

In an Oct. 24 post, market commentator Ash Crypto put the month’s accumulation at $780 million. His accompanying screenshot showed transfers from wallets labeled Wintermute, including several transactions worth more than $20 million each.

“Smart money is buying fear,” Ash Crypto wrote.

The transaction list included transfers of 306.314 BTC, 307.77 BTC and 364.286 BTC, alongside smaller movements. The screenshot did not contain a complete monthly reconciliation or records showing when the recipients purchased the coins.

Bitcoin withdrawals put $780 million buying claims in focus

At Lookonchain’s reported valuation, the 9,458 BTC holdings were worth approximately $81,571 per coin. Dividing $771.5 million by the reported Bitcoin total produces that figure, which represents an implied valuation rather than a confirmed average purchase price.

Ash Crypto’s $780 million estimate sits $8.5 million above the tracker’s valuation, a difference of roughly 1.1%. His post did not explain the difference or specify whether the estimate used a later Bitcoin price.

Lookonchain’s count refers to newly created wallets, leaving the number of investors behind the addresses unresolved. The reported withdrawals do not establish whether the recipients represent separate buyers or multiple wallets controlled by the same entity.

The tracker’s statement covers movements since Oct. 1, rather than a single purchase near $81,000. No execution records accompanying the posts establish that the full amount changed hands at that price.

Earlier wallet analysis has documented similar limits. September coverage of Bitcoin’s whale accumulation noted that institutions can control several addresses and custodians can consolidate or separate holdings.

That coverage distinguished changes in wallet balances from proof of ultimate ownership, while noting that withdrawals can involve custody transfers, collateral or over-the-counter transactions.

A separate 32,380 BTC inflow draws caution

Another Oct. 24 post pointed to a larger movement over a shorter period. Market commentator Lucky cited 32,380 BTC, worth around $2.6 billion, entering the market in one day and described it as the largest inflow since April.

The post included a Coinglass chart labeled “Bitcoin Wallet Inflow/Outflow,” with green and red bars displaying movements alongside Bitcoin’s price.

Lucky compared the reading with an earlier inflow spike that preceded a Bitcoin price peak by several weeks. He acknowledged that the earlier sequence did not establish that the same outcome would follow.

The displayed chart did not provide its complete wallet-selection methodology or identify the counterparties behind the transfers. The screenshot therefore does not establish that 32,380 BTC represents fresh whale purchases.

Measured in Bitcoin, Lucky’s single-day figure is approximately 3.4 times the 9,458 BTC in Lookonchain’s tally. Because the observations cover different periods and wallet groups, subtracting one from the other would not establish net whale demand.

Wintermute-linked positions leave hedging questions open

Public trading positions have previously raised similar questions about how much of a firm’s activity can be inferred from one account.

On Sep. 28, crypto.news reported $126.25 million in shorts on Hyperliquid attributed by Onchain Lens to a Wintermute-linked wallet. Ethereum accounted for the largest reported position at $46.92 million.

Solana followed with an $11.30 million short, while HYPE represented approximately $10.03 million. Wintermute had not publicly confirmed ownership of the address or explained the positions.

The September coverage noted that market makers can use perpetual futures to hedge spot inventory, options, customer flows or exposure on other venues. A visible short position does not disclose every offsetting holding.

An analysis cited in that report found the account placing orders on both sides of market-making books. Its January snapshot showed roughly $101.7 million in bids and $97.2 million in asks across multiple assets.

Bitcoin support-band calls remain conditional

Crypto Rover offered a technical argument for buying in a third Oct. 24 post, telling followers to purchase Bitcoin when it touches its bull market support band.

His attached chart showed Bitcoin above a shaded moving-average band after recovering from earlier lows. The post did not specify the band’s current numerical value, an invalidation level or a verified performance record for the strategy.

A separate Oct. 14 technical setup focused on resistance near $84,000. Analyst Ali Martinez identified a four-hour close above that threshold as a condition for a potential move toward $93,000.

Martinez’s setup concerned a 50-period moving average on a four-hour chart, rather than a 50-day average.

Historical US fund flows provided another measure of demand during September’s recovery. SoSoValue figures cited in September coverage put spot Bitcoin ETF net inflows at $191 million on Sep. 24, led by approximately $163 million into BlackRock’s IBIT and $12.86 million into Fidelity’s FBTC.