- Abraxas-linked wallet moved 2,949 BTC from exchanges, signaling deep-pocket accumulation.
- Bitcoin price holds above the trendline as volume drops, and resistance at $85.3K remains firm.
- Strategic BTC flows and chart structure suggest institutions may be preparing for a breakout.
Bitcoin whales are rapidly withdrawing large sums from centralized exchanges, with one wallet moving nearly $250 million. The transactions coincide with a steady price consolidation just below key resistance, suggesting strategic accumulation.
In a post by Crypto Patel, a wallet tied to Abraxas Capital reportedly withdrew 505 BTC, worth $42.6 million, from Binance. The transaction occurred just hours prior and brought the four-day total to 2,949 BTC or approximately $250 million. Patel stated that whales are not selling but instead accumulating, reinforcing a trend seen in previous bull market cycles.
The wallet address, identified as bc1qpum6…, received seven major inflows over four days, including transfers from Binance and Kraken. Amounts ranged from 247 BTC to 590 BTC per transaction, all routed to the same destination. Each inflow points to high-volume consolidation activity among institutional participants rather than speculative outflows.
BTC Chart Forms Ascending Triangle Amid Low Volatility
The BTC/USDT daily chart on Binance currently shows an ascending triangle pattern forming across eight consecutive sessions. Prices have hovered between $84,800 and $85,300 while respecting an upward-sloping trendline from April 10. Bulls have defended higher lows as price action compresses beneath horizontal resistance.
Trading volume on April 20 fell to 1.07K BTC, reflecting decreased market activity during this consolidation phase. Several candlesticks have upper wicks rejecting the $85,300 mark, which continues to cap upward momentum. Despite this, buy-side pressure has remained intact, reinforcing short-term structural support.
According to a report by on-chain analytics monitors, the Abraxas-linked wallet received 505 BTC directly from Binance’s hot wallet. The same address previously transferred 2.5K BTC, valued at $240 million Kraken during a high-volume cycle. This recurring flow structure suggests a defined strategy for internal allocation across platforms.
In past cycles, the same wallet served as both receiver and sender across multiple exchange interactions. One such transfer included 1.1K BTC worth over $105 million, routed from the same wallet to Kraken’s deposit address. These movements continue to reflect institutional positioning rather than retail-driven speculation.
Institutional Activity Aligns with Bullish Price Structure
At this stage, the timing of these large transfers appears to coincide with tightening price action beneath resistance. Candlestick formations are showing indecision, but the presence of rising lows keeps bullish structure intact.
In recent sessions, the chart’s support trendline has held consistently, even as price tests the resistance at $85,300. With price compressing toward the apex, market participants are likely positioning ahead of a potential breakout.
If a spike in volume occurs, a breakout above resistance could confirm continued institutional accumulation and momentum. Alternatively, a breakdown below trendline support may trigger near-term weakness before the next move. For now, the chart and blockchain data both reflect concentrated Bitcoin accumulation at scale.
