In the face of a widespread cryptocurrency market decline, Adam Back, CEO of BSTR, has identified a consistent streak of Bitcoin accumulation by a Bitfinex whale. Back pointed out the Bitcoin purchases in a post on X, noting that the entity has shown significant activity in the last 48 hours.
The Bitcoin pioneer revealed that the Bitfinex whale buys 300 BTC a day, based on a Time-Weighted Average Price (TWAP) strategy. Under this strategy, the Bitfinex whale will distribute the buy orders evenly, and Back hinted that the entity could have allocated $400 per second for Bitcoin purchases.
Adam Back detected the buying trend through the BTCUSDLONGS metric, which indicates long margin positions on Bitfinex. The steady increase in open long positions confirms the TWAP-style accumulation surge, with the whale using BTC as collateral for long positions.
In February, Back warned about the Bitfinex whale, and the entity increased its acquisitions to 1000 BTC a day, making purchases every minute to buy on dips. Meanwhile, the latest accumulation surge comes amid Eric Trump's signals to buy on dips in Bitcoin and Ethereum.