U.Today – The price (BTC) has been on a rollercoaster ride in recent days, with last week’s significant drop of over 15% leading to even more volatile swings.
As such, the major cryptocurrency has seen a significant decline in recent days, falling from $64,000 to just under $54,000 in five days. Buyers then tried to reclaim the drop.
However, despite reclaiming the $59,000 level, it has failed to sustain that price consistently. At the time of writing, Bitcoin is trading at $58,465, which still represents a 6.5% rebound since the start of the week.
Against the backdrop of these market fluctuations, Samson Mow, a prominent figure in the cryptocurrency industry and $1 million BTC proponent, noted significant activity from bitcoin whales.
Bitfinex Whale Story
Mow claims that since mid-June, “whales” on the Bitfinex exchange have purchased almost 12,000 BTC. Based on current prices, this accumulation represents an investment of about $720 million. Activity of this size may indicate a high level of confidence and demand among enormous investors.
It is crucial that this is Bitfinex exchange data because, in addition to being a enormous cryptocurrency exchange, it is also one of the oldest, having been in business since 2012. Activity on the Bitfinex exchange is closely monitored by experts because enormous amounts of BTC often appear there, influencing overall market trends.
In addition, Bitfinex was one of the first professional platforms created for cryptocurrency trading, which means that there are many “old school whales” living here who have a lot of experience in the cryptocurrency space, and their activity can tell a lot about the mood of the most influential market participants.
