Lookonchain reported that 40 newly created wallets withdrew 9,458 BTC, worth around $771.5 million, from Wintermute since October 1. The report has sparked speculation that large investors are accumulating Bitcoin, although the transfers alone do not confirm that the recipients bought the coins or reveal who controls the wallets.
Market commentator Ash Crypto estimated that around $780 million in Bitcoin had been accumulated during October. Screenshots shared with the post showed several transfers from wallets labeled Wintermute, including transactions worth more than $20 million. However, the available records do not confirm the recipients’ purchase prices or provide a complete breakdown of the total.
At Lookonchain’s reported valuation, the 9,458 BTC were worth approximately $81,571 per coin. This is an implied market value, not a confirmed average buying price. Ash Crypto’s $780 million estimate was about $8.5 million higher, but the post did not explain the difference.
The 40 wallets were newly created addresses, but that does not necessarily mean they belong to 40 separate investors. One person or institution can control multiple wallets, and transfers can involve custody changes, collateral arrangements or over-the-counter transactions rather than new purchases.
Another market commentator, Lucky, highlighted a separate movement of 32,380 BTC in a single day, worth around $2.6 billion. He described it as the largest inflow since April and compared it with an earlier spike that occurred several weeks before a Bitcoin price peak.
However, the chart shared in the post did not identify all the wallets involved or fully explain how the inflows were calculated. It therefore does not confirm that the entire amount represented new purchases by large investors.
The 32,380 BTC figure is about 3.4 times the 9,458 BTC reported by Lookonchain. But the two figures cover different periods and wallet groups, so they cannot be directly compared to determine overall buying demand.
Previous reports have also highlighted large trading positions linked to Wintermute. In September, an Onchain Lens report attributed $126.25 million in short positions on Hyperliquid to a Wintermute-linked wallet, including positions in Ethereum, Solana and HYPE. Wintermute had not publicly confirmed ownership of the address or explained the positions.
Market makers can use futures positions to hedge their spot holdings, customer orders and exposure across different trading platforms. As a result, a large short position does not necessarily mean a firm expects prices to fall, particularly when its other holdings are unknown.
Meanwhile, crypto commentator Crypto Rover encouraged traders to buy Bitcoin when its price touches the bull market support band. His chart showed Bitcoin recovering above a shaded moving-average band, but he did not provide a specific price level at which the strategy would no longer apply.
Another technical analysis published on October 14 focused on resistance near $84,000. Analyst Ali Martinez said a four-hour candle closing above that level could create a potential path toward $93,000. His analysis used a 50-period moving average on a four-hour chart.
Institutional fund flows have also provided signs of demand. Figures from SoSoValue showed that US spot Bitcoin ETFs recorded $191 million in net inflows on September 24, with BlackRock’s IBIT receiving around $163 million and Fidelity’s FBTC receiving approximately $12.86 million.
Overall, the reported wallet movements have attracted attention, but they do not independently prove that whales are buying Bitcoin at current prices. Confirming accumulation would require more information about wallet ownership, transaction purposes and actual purchase activity.