Adam Back Flags Aggressive Bitcoin Buying By Bitfinex Whale Amid Market Correction

Adam Back has spotted an aggressive Bitcoin buying spree by a Bitfinex whale with the entity using a TWAP strategy to accumulate the beleaguered asset. A steep correction has sent the Bitcoin price crashing below $113,000 amid calls for investors to buy the dip.

Bitfinex Whale Buys 300 Bitcoin Per Day

As the cryptocurrency market faces a broad decline, BSTR CEO Adam Back has identified a steady Bitcoin accumulation streak by a Bitfinex whale. Back flagged the Bitcoin purchases in an X post, noting that the entity has shown significant activity in the last 48 hours.

The Bitcoin pioneer disclosed that the Bitfinex whale is buying 300 BTC per day, leaning on a Time-Weighted Average Price (TWAP) strategy. Under the strategy, the Bitfinex whale will spread out buy orders evenly, with Back hinting that the entity may have earmarked $400 per second for Bitcoin purchases.

Adam Back spotted the buying trend via the BTCUSDLONGS metric, indicating margin long positions on Bitfinex. The steady rise in open longs confirms the TWAP-style accumulation spree with the whale using BTC as margin collateral for long positions.

In February, Back flagged the Bitfinex whale with the entity ramping up acquisitions to 1,000 BTC per day, logging purchases every minute to buy the dip. Meanwhile, the latest accumulation spree comes amid Eric Trump flashing the buy the dip sign for Bitcoin and Ethereum.

Cryptocurrency Market Suffers Steep Weekend Correction

The Bitfinex whale’s push to acquire BTC follows a broad price correction across the cryptocurrency markets. Bitcoin, the largest cryptocurrency by market capitalization, bore the brunt of the crash as prices tumbled to $112,012.

According to CoinMarketCap data, Bitcoin is down 8.97% from its all-time high of $123,091 that it set in mid-July. Meanwhile, daily trading volumes are down by 31.52% over the last day, reflecting the dour sentiment among traders.

Altcoins have also recorded their fair share of losses in the last 24 hours, with the trio of Ethereum, XRP, and Solana declining by over 4%. In addition, reports of whales like Arthur Hayes dumping cryptocurrency holdings have accentuated the crash, while the Bitfinex whale and Eric Trump eye buying opportunities.

A CoinGape report attributes the crypto market crash to a wave of macroeconomic factors, exacerbated by Trump tariffs. Furthermore, weak July US job data has triggered concerns over the health of the US economy while the markets reel from the Fed’s refusal to cut interest rates.