Large Bitcoin holders have continued to accumulate despite the cryptocurrency's recent inability to sustain upward momentum. According to on-chain data from Lookonchain, 40 newly created addresses have withdrawn 9,458 BTC—worth approximately $771.5 million—from market maker Wintermute since October 1, 2026.
The activity follows a broader shift noted by CryptoQuant in mid-October, when researchers said whales had resumed accumulation after months of selling. That report highlighted a recovery from below $62,000 in early August to roughly $87,000 in September, with large wallets holding just over three million BTC, their highest combined balance since November 21, 2025. Another recent estimate suggested these participants purchased nearly 89,000 BTC in a single month.
Price action, however, has remained difficult. Bitcoin was rejected near $87,000 on multiple occasions, slipped below $80,000, rebounded to $85,000, and then fell more than $3,000 within 36 hours. As of October 23, BTC traded around $81,712, and it also sits just above the ETF average cost basis near $81,000—a breakdown below that level could trigger deeper selling.
Data from Coinglass and Binance shows whale spot orders are clustering between $78,000 and $79,000, with roughly $58.8 million in visible liquidity. One whale order on Binance is valued at $58 million, while another at $77,500 is worth $25 million. Trading volumes have declined to about $26 billion in 24 hours, and derivatives activity remains roughly ten times larger than spot volume.
In the options market, Deribit traders appear to view $80,000 as short-term support, with calls outnumbering puts at that strike. Puts dominate at $75,000, leaving room for a deeper drawdown if support fails. A large whale recently moved more than $163 million in BTC to Deribit, and the October 30 monthly expiry has a maximum pain level near $78,000. Calls are most numerous at $88,000 and $98,000, suggesting those levels could trigger a more decisive breakout if reclaimed.
Despite the uncertain short-term picture, Bitcoin remains well above its average realized price of about $53,000, and 30-day volatility has fallen back to just over 1%, indicating a return to range-bound conditions.
