While major investor movements in the cryptocurrency market are closely monitored, a noteworthy observation has emerged regarding the recent acceleration of Bitcoin (BTC) purchases by whales on the Bitfinex exchange.
Cryptocurrency influencer and former FTX community partner Benson Sun claimed that Bitfinex whales may be finding the current price levels attractive.
According to information shared by Sun, Bitfinex whales have significantly increased their position accumulation in recent days, adding approximately 400 to 600 BTC daily. During the same period, approximately $300 million worth of USDT flowed into Bitfinex via over-the-counter (OTC) transactions. This development, according to the analyst, indicates a strengthening appetite of these funds for the market.
This buying spree stands out as the most aggressive period of position accumulation on Bitfinex since the market bottom seen on November 20 last year. According to the analyst, historical data shows that buying at this pace usually means two things: there is enough selling pressure in the market to absorb large-scale purchases without pushing prices sharply upwards, and funders believe the market has entered a new phase. Sun also noted that similar levels of buying activity have not been seen before around the $88,000 level.
*This is not investment advice.
