Bitcoin Whales Move $771M From Wintermute: Are They Buying?

Bitcoin whales transferred approximately $771.5 million in BTC from Wintermute-linked addresses during October, according to Lookonchain. The blockchain tracker identified 40 newly created wallets receiving 9,458 BTC since Oct. 1.

The transfers attracted attention as Bitcoin faced selling pressure near $80,000. However, the records did not establish that the recipients purchased the transferred coins.

Bitcoin Whales Transfer 9,458 BTC Into 40 New Wallets

Lookonchain reported the withdrawals, linking the receiving addresses to funds that moved from Wintermute. Individual wallet ownership and the reasons behind each transfer remain unknown.

The reported total works out to approximately $81,571 per Bitcoin. Some holders may have acquired their Bitcoin before October, while others may have moved balances into separate wallets.

The 40 new addresses also do not establish that 40 different investors participated. An institution can maintain several wallets for custody or operational purposes. Trading firms may also transfer cryptocurrency between accounts while managing inventory, client transactions, or collateral.

Market commentator Ash Crypto discussed the movements on October 24 and placed the month’s total near $780 million. The displayed entries included transfers of 306.314 BTC, 307.77 BTC and 364.286 BTC.

Some individual transfers exceeded $20 million at the valuations shown. Ash Crypto presented the movements as evidence that large investors were purchasing Bitcoin during the market decline.

Another October 24 post from market commentator Lucky cited a daily inflow of 32,380 BTC, worth approximately $2.6 billion. The reading was the largest since April, according to Coinglass data.

BTC Wallet Inflow | Source: X

The commentator compared that activity to an inflow surge that preceded a Bitcoin price peak.

Wintermute Trading Activity and Bitcoin Price Levels

Wintermute-linked accounts have also appeared in derivatives market reports. In September, Onchain Lens attributed approximately $126.25 million in Hyperliquid short positions to one linked wallet. Ethereum accounted for $46.92 million, followed by smaller reported positions in Solana and HYPE.

Market makers can use derivatives positions to offset holdings or manage customer trades. The existence of a short position, therefore, does not reveal a firm’s overall exposure. Likewise, a transfer from a trading address does not indicate whether the receiving party intends to hold or sell.

Meanwhile, Crypto Rover urged Bitcoin buyers to watch the bull market support band in his recent Bitcoin price prediction. Analyst Ali Martinez previously identified a four-hour close above $84,000 as a condition for a possible BTC crypto move toward $93,000.

This article provides information, not financial advice. Cryptocurrency prices are volatile, and investors should research independently before making decisions.