Adam Back Flags Aggressive Bitcoin Buying By Bitfinex Whale Amid Market Correction
The Bitcoin pioneer disclosed that the Bitfinex whale is buying 300 BTC per day, leaning on a Time-Weighted Average Price (TWAP) strategy
As the cryptocurrency market faces a broad decline, BSTR CEO Adam Back has identified a steady Bitcoin accumulation streak by a Bitfinex whale. Back flagged the Bitcoin purchases in an X post, noting that the entity has shown significant activity in the last 48 hours.
The Bitcoin pioneer disclosed that the Bitfinex whale is buying 300 BTC per day, leaning on a Time-Weighted Average Price (TWAP) strategy. Under the strategy, the Bitfinex whale will spread out buy orders evenly, with Back hinting that the entity may have earmarked $400 per second for Bitcoin purchases.
Adam Back spotted the buying trend via the BTCUSDLONGS metric, indicating margin long positions on Bitfinex. The steady rise in open longs confirms the TWAP-style accumulation spree with the whale using BTC as margin collateral for long positions.
In February, Back flagged the Bitfinex whale with the entity ramping up acquisitions to 1,000 BTC per day, logging purchases every minute to buy the dip. Meanwhile, the latest accumulation spree comes amid Eric Trump flashing the buy the dip sign for Bitcoin and Ethereum.
