cryptoslate.com
Quick Take
Over the past few days, Bitfinex has recorded a substantial 6% increase in Bitcoin (BTC) long positions held by whales — totaling a staggering 48,615 BTC.
Analyzing Bitfinex whale activity in 2024 reveals a clear pattern: On Feb. 10, these whales held over 76,000 BTC, but by March’s all-time high, the holdings had decreased to 42,000 BTC.
Notably, Bitfinex whales anticipated the flagship crypto’s subsequent decline from its peak of approximately $73,500 to $56,500 on May 1. Since hitting their lowest position on April 13, Bitfinex whales have steadily increased their holdings.
Amid BTC’s recent surge from $56,500 to $62,000 over the past two days, Bitfinex whales have continued to reinforce their positions.
Historical trends suggest that Bitfinex whale activity often serves as a reliable indicator of price direction. When Bitcoin prices peak, whale-long positions tend to bottom out, and these entities have capitalized on market dips to increase their position. Conversely, as prices ascend, whales gradually offload their positions.