Whales picked up falling Bitcoin at a cheap price.
As major cryptocurrencies (virtual currencies) continue to decline in the aftermath of the launch of the Bitcoin spot exchange-traded fund (ETF) in the United States, large-scale holder ‘whales’ are purchasing Bitcoin (BTC) at low prices. I think you understand.
Bitcoin has fallen about 19% to around $39,000 since the spot ETF began trading in the U.S. on January 11, according to data from CoinDesk.
As a result, some whales are buying Bitcoin at low prices on the cryptocurrency exchange Bitfinex. One of the top ten exchanges by trading volume, Bitfinex is notorious for making waves in the markets.
Bitcoin was trading at a $100 premium to the global average on Bitfinex over the weekend, according to TradingView data. At the time of writing, the premium is around $70, which is still significantly higher than other exchanges like Coinbase and Binance.
“Someone at Bitfinex has been buying BTC on TWAP for three days in a row and that is why it is trading at a huge premium on Bitfinex,” said anonymous market analyst and trader Byzantine General. My estimate is that about $50 million (about 7.5 billion yen, equivalent to 1 dollar = 150 yen) has been spent so far. Posted in
Trade Weighted Average Price (TWAP) is an algorithmic strategy that helps traders minimize slippage on large orders by splitting them over time. Slippage is the difference between the price at which a trade order is placed and the price at which it is executed.
BTC was trading at a significant premium on Bitfinex over the weekend. (Trading View)
The bankruptcy trustee sale of FTX and the outflow of funds from the Grayscale Bitcoin Trust (GBTC) caused the price of BTC to briefly fall below $39,000 for the first time since early December. The so-called TWAP buying continued on the 23rd. .
This bearish demand is also evident in renewed interest in bullish leveraged betting on Bitfinex.
According to the chart, the number of long-term or bullish leveraged bets on BTC/USD has increased by almost 8% in one week to over 73,000.
There has been a surge in long-term or bullish leveraged betting over the past seven days. (Trading View)
｜Translation: CoinDesk JAPAN ｜Editor: Toshihiko Inoue ｜Image: TradingView ｜Original article: Cryptocurrency whale hunting, Bitcoin price slide, data display
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