The price of Bitcoin (BTC) has been experiencing a real roller coaster in recent days, with last week’s substantial drop of more than 15% leading to even more uncertain swings.
Thus, the major cryptocurrency has experienced a significant fall in recent days, dropping from $64,000 to just under $54,000 in five days. This was followed by attempts by buyers to recoup the decline.
However, despite recapturing the $59,000 mark, it has not been able to hold that price consistently. At the time of writing, Bitcoin is trading at $58,465, which nevertheless represents a 6.5% recovery since the beginning of the week.
In the context of these market fluctuations, Samson Mow, a prominent figure in the cryptocurrency industry and proponent of the $1 million BTC, has noticed notable Bitcoin whale activity.
Bitfinex whale story
Mow claims that since mid-June, “whales” on the Bitfinex exchange have purchased nearly 12,000 BTC. Based on current prices, this accumulation represents an investment of about $720 million. Activity of this magnitude may indicate a high level of confidence and demand among large investors.
Since mid-June, Finex whales have scooped up almost 12,000 BTC. pic.twitter.com/luTiXps9VV
— Samson Mow (@Excellion) July 10, 2024
It is important that this is Bitfinex data, because in addition to being a major cryptocurrency exchange, it is one of the oldest, having been operating on the market since 2012. Activity on Bitfinex is closely monitored by experts, as large amounts of BTC often appear there, influencing overall market trends.
In addition, Bitfinex was one of the first professional platforms built for cryptocurrency trading, which means that many old-timer whales who have experienced a lot in crypto reside here, and their activity can say a lot about the mood of the most influential market participants.
