On May 4th, Bitfinex Whale BTC long positions have increased by 6% over the past few days to a total of 48,615 BTC. An analysis of Bitfinex whale activity in 2024 shows that on February 10th, these whales held more than 76,000 BTC, but by the all-time high in March, the holdings had dropped to 42,000 BTC.
Notably, Bitfinex Whale expects BTC to subsequently fall from a peak of around $73,500 to $56,500 on May 1. Bitfinex Whale investors have been steadily adding to their positions since the position dropped to a low on April 13. Bitfinex Whale continues to add to its position amid Bitcoin's surge from $56,500 to $62,000 in the last two days.
Historical trends suggest that Bitfinex whale activity is often a reliable indicator of price direction. When BTC prices peak, whale long positions tend to bottom out, and these entities take advantage of market declines to increase their positions. As prices rise, whale investors gradually sell their positions.
Bitfinex Whale BTC long position recently increased by 6% to 48,615 BTC
2024-05-04 01:23:40
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