The price of Bitcoin (BTC) has been on a rollercoaster ride in recent days, with a significant drop of more than 15% last week leading to even more uncertain swings.
Thus, the main cryptocurrency has experienced a significant decline in recent days, falling from $64,000 to just under $54,000 in five days. This was followed by attempts by buyers to recoup the decline.
However, despite reclaiming the $59,000 mark, it has not been able to hold that price permanently. At the time of writing, Bitcoin is trading at $58,465, which still represents a 6.5% recovery since the start of the week.
In the context of these market fluctuations, Samson Moea prominent figure in the cryptocurrency industry and a supporter of the $1 million BTC, has noticed noticeable Bitcoin whale activity.
The Bitfinex Whale Story
Mow claims that whales on the Bitfinex exchange have purchased around 12,000 BTC since mid-June. Based on current prices, this accumulation represents an investment of around $720 million. Activity of this magnitude may indicate a high level of confidence and demand from large investors.
Since mid-June, Finex whales have collected almost 12,000 BTC. pic.twitter.com/luTiXps9VV
— Samson Mow (@Excellion) July 10, 2024
It is important that this data is from Bitfinex, because in addition to being a major cryptocurrency exchange, it is one of the oldest, operating in the market since 2012. Activity on Bitfinex is closely monitored by experts, as large volumes BTC often appear there, influencing general market trends.
Additionally, Bitfinex was one of the first professional platforms created for cryptocurrency trading, which means that it is home to many experienced whales with extensive experience in cryptocurrency, and their activity can say a lot about the mood of the most influential market participants.
