Bitcoin is currently facing challenges in gaining momentum around the $90,000 level, but there seems to be an intriguing development with a prominent buyer stepping in the opposite direction. Adam Back, the CEO of Blockstream, shared on X (formerly Twitter) that a “Bitfinex whale” is acquiring approximately 450 Bitcoin per day at the current price levels, equating to about $40.6 million in daily demand with Bitcoin trading at $90,233 at the time of writing.
The Bitfinex whale initially started buying 300 BTC per day but increased it to 450 BTC around the $90k mark. This buying pace is equivalent to the total number of Bitcoins mined per day, amounting to around $470 per second consistently.
While a buyer of this magnitude can theoretically offset new supply, the real question lies in whether these large buyers can alter the dynamics of a market that has struggled to sustain rallies recently, with traders often taking profits quickly or cutting losses during rebounds.
Interestingly, the Bitfinex whale narrative is not operating in isolation. Data from Santiment revealed that Bitcoin “whales and sharks” have been accumulating coins despite weak market sentiment, with wallets holding between 10 and 10,000 Bitcoin adding 36,322 BTC over the past nine days, representing a 0.27% increase in their collective holdings.
The absorption of such quantities can have an impact in a market where marginal flows tend to dictate the direction, especially when the price is hovering near a widely monitored level.
However, the accumulation data may not tell the whole story as it doesn’t indicate at what price levels holders might start selling or whether the market depth is enough to push prices through existing supply levels.
In this context, the Bitfinex bid, if sustained and genuine, could serve as a stabilizing force rather than a definitive market signal. A consistent buyer might help prevent panic and decrease the likelihood of sharp declines, without necessarily triggering a surge in demand that could propel the market into a new trend.
