Newly created crypto wallets have accumulated over $770 million worth of Bitcoin (BTC) since October 1, demonstrating heavy institutional buying despite sluggish spot market performance. According to on-chain analytics firm Lookonchain, 40 newly created addresses withdrew 9,458 BTC (valued at $771.5 million) from institutional liquidity provider Wintermute.
On-Chain Data Signals Massive Institutional Accumulation
The aggressive buying via Wintermute highlights a broader trend among high-net-worth market participants. Data from CryptoQuant earlier this month revealed that whale addresses resumed accumulating BTC after several months of net selling. This shift developed as Bitcoin recovered from under $62,000 in early August to $87,000 in September.
At the time of CryptoQuant's report, these large wallet holders held combined balances exceeding three million BTC, representing their highest collective holdings since November 21, 2025. A separate report released earlier this week noted that large market entities purchased nearly 89,000 BTC within a single one-month period.
Price Turbulence Fails to Discourage Long-Term Holders
Despite sustained whale inflows, Bitcoin's market price has struggled to build upward momentum. After repeated rejections at the $87,000 mark, the asset dipped below $80,000. Although BTC mounted a brief recovery to $85,000 earlier this week, a worsening macroeconomic environment created a fresh hurdle for price progression.
Over the following 36 hours, the price crashed by more than $3,000, sending the asset back below $82,000. This drop comes as Bitcoin fell to $81,652 after an $85,000 rejection, even while long-term profitability approaches lows near $82,000.
Key Takeaways
- 40 newly created wallets withdrew 9,458 BTC ($771.5 million) through Wintermute since October 1.
- CryptoQuant confirmed combined whale balances crossed three million BTC, the highest level since November 21, 2025.
- Large market participants purchased almost 89,000 BTC in just one month.
- BTC crashed by over $3,000 in 36 hours to trade under $82,000 following macro hurdles.
Why It Matters
The growing divergence between spot price weakness and whale accumulation suggests institutional buyers view prices near $80,000 as an attractive long-term entry zone. While retail sentiment remains suppressed by macroeconomic headwinds and price rejections at $87,000, capital outflow from OTC counterparties like Wintermute indicates supply is moving into illiquid custody. If this accumulation trend continues, reduced exchange inventory could spark a rapid upward squeeze once macro pressure subsides.
