The bitcoin whale known as "Spoofy" was seen stumbling upon the cryptocurrency after seeing between 82,000 and 85,000 bitcoins.
While trading between $1,000 and $1,000, there were reports of the community buying an additional 4,000 BTC on the Bitfinex exchange. At the current price, this is
This is equivalent to approximately $344 million. Cryptocurrency analyst Saint Pump cited Spoofy as one of the industry's largest traders.
Spoofy has been influential in the Bitcoin market for some time. In 2017, he was accused of "spoofing," an illegal form of market manipulation.
The spoofing was suspected of manipulating the market by placing large amounts of buy orders and cancelling them before they were executed.
According to CentPump, the spoofer bought a total of 70,000 BTC during a period when the price of Bitcoin was fluctuating between $40,000 and $16,000.
They bought and then sold that amount as Bitcoin bounced from $40,000 to $70,000 between 2023 and 2024.
Recently, Bitcoin price is expected to drop from 70,000 to 108,000 after accumulating a total of 24,000 BTC in 2024.
The sale was reportedly made during the surge to the dollar. The rally was largely catalyzed by US President Donald Trump's pro-cryptocurrency stance.
Veteran traders like Spoofy are trying to take advantage of the low prices of Bitcoin's falling market, while new investors are panicking as prices fall and suffering losses.
Joo Ji-Young, founder of cryptocurrency analysis firm CryptoQuant, said investors currently panic selling Bitcoin are "noobs."
He explained that 30%-level corrections are common during Bitcoin bull runs, with the price dropping 53% in 2021 before hitting an all-time high.
He also warned that "buying high and selling low is the worst investment strategy."
2025/02/28 14:58 KST
Copyright(C) BlockchainToday wowkorea.jp 117