Massive Bitcoin Holder With a Fortune of $2,190,000,000 Deems It Prudent to Increase Bitcoin Reserves by Extra BTC Withdrawal from Binance: Report by Lookonchain
Large entities have been expanding their Bitcoin holdings, according to blockchain analysis firm Lookonchain. The firm reported that one unidentified crypto whale accumulated 1,350 BTC, worth approximately $141.91 million, from Binance, bringing their total holdings to 20,723 BTC, worth around $2.19 billion.
Simultaneously, UK-based asset manager Abraxas Capital Management is reportedly amassing more Ethereum. Lookonchain stated that the firm has acquired 46,295 ETH, valued at around $115.3 million, since May 7th, with an average purchase price of $2,386 and an unrealized profit of $50 million.
These whales are not alone in acquiring cryptocurrencies. Their buying spree comes as the value of Bitcoin has surpassed the $100,000 threshold. Lookonchain observed that numerous whales have been purchasing Bitcoin as the flagship crypto asset resumes its upward trend.
One noteworthy whale shorting the crypto market stands to lose near $2 million due to the BTC price rally. This speculator has been shorting Bitcoin, Ethereum, and Solana with 10x leverage and is currently facing considerable losses.
At the time of writing, Bitcoin is trading at $105,278, remaining static for the day, while Ethereum is at $2,482, recording a 1% increase in the past 24 hours.
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In other industry news:
- Venom Foundation reached a closed-network stress test of 150,000 transactions per second, paving the way for the upcoming mainnet upgrade in 2025.
- XDC Network's XVC Tech announced an investment in the Laser Digital Carry Fund and launched institutional fund infrastructure with Libre.
- Psy has developed the first trustless bridge from Dogecoin to Solana.
- Mantle and Republic Technologies forged a strategic partnership to pioneer institutional mETH integration.
- BTCC Exchange appointed Dan Liu as CEO ahead of its 14th anniversary milestone.
- Bitcoin Suisse secured in-principal approval from the ADGM's Financial Services Regulatory Authority.
- Beer 2.0, a memecoin, is brewing something bigger on the Solana network.
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[1] https://decrypt.co/92503/bitcoin-strongest-accumulation-phase-since-january-2021-glassnode[2] https://markets.businessinsider.com/news/stock/blackrock-bitcoin-purchases-institutional-accumulation-2025-5-1031681005[3] https://cryptonews.com/news/institutional-accumulation-bitcoin-ethereum-4250.htm[4] https://www.bloombergquint.com/business/institutional-interest-in-ethereum-surges-as-price-falters[5] https://www.coindesk.com/ethereum-etf-listing-in-usa-may-see-signal-from-SEC-by-year-end
- Institutional interest in cryptocurrencies continues to grow, with large entities like Bitcoin whales and firms such as Abraxas Capital Management acquiring significant amounts of Bitcoin and Ethereum, respectively, from platforms like Binance and Balancer.
- Meanwhile, the value of altcoins is also receiving attention, with developments such as Psy's trustless bridge from Dogecoin to Solana and Mantle's strategic partnership for institutional mETH integration, indicating a broader interest in the cryptocurrency and blockchain landscape.
