Posted 1/24/2024, 7:08:00 AM
Crypto Whales Seem to Be Buying the Bitcoin Dip As Price Slides Below $40K
- Crypto whales appear to be buying bitcoin at cheaper prices as it slides below $40,000
- Bitcoin has dropped 19% since spot ETFs began trading in the U.S. on Jan. 11
- Over the weekend, bitcoin traded at a $100 premium on Bitfinex compared to the global average price
- An analyst estimates $50 million worth of bitcoin has been accumulated via TWAP (algorithmic buying) on Bitfinex
- Number of open BTC/USD long positions (bullish bets) on Bitfinex has increased nearly 8% in the past week