In the realm of cryptocurrency, significant shifts in investor behavior are often scrutinized, and a recent trend has caught attention regarding the uptick in Bitcoin (BTC) acquisitions by large-scale investors, or whales, on the Bitfinex platform.
Benson Sun, a notable figure in the crypto community and former partner at FTX, suggested that these whales might be viewing current price points as favorable for investment.
As per Sun’s insights, there has been a marked increase in Bitcoin accumulation among Bitfinex whales recently. They have reportedly been acquiring between 400 to 600 BTC each day. Concurrently, around $300 million worth of USDT has entered Bitfinex through over-the-counter (OTC) trades. This trend signals an enhanced interest from these funds towards market engagement.
This surge in buying activity represents one of the most intense phases of position building on Bitfinex since reaching market lows on November 20 last year. Historical patterns suggest that such rapid purchasing typically indicates two scenarios: sufficient selling pressure exists to accommodate substantial buys without causing drastic price increases; and investors believe that the market is transitioning into a new phase. Additionally, Sun pointed out that similar levels of buying enthusiasm have not previously occurred near the $88,000 mark.
*This content does not constitute financial advice.