The price of bitcoin drops to under 113,000, and this has generated new purchases among the large investors.
Market volatility persists, as a prominent Bitfinex whale is purchasing 300 BTC daily now through a Time-Weighted Average Price platform.
Bitfinex Whale Returns Amid Market Decline
The drop of 8.97% in bitcoin since its all-time high of 123091 in July has elicited the purchase action of long-term investors. Adam Back, the CEO of Blockstream and head of BSTR Holdings, has reported that a prominent trader on Bitfinex is once again buying bitcoin. This is because the whale is purchasing 300 BTC daily through a TWAP mechanism in an effort to minimize price impact by spreading out the orders.
Back noted that this buying trend has picked up in the past two days. He said that the buyer is possibly spending about 400 dollars a second to acquire Bitcoin. The movement of the activity was monitored via the BTCUSDLONGS indicator on Bitfinex, which indicated that margin long positions kept rising steadily. This indicates that the trader is taking BTC as collateral as s/he establishes a long position.
Bitcoin Leads Broader Crypto Market Correction
The present market correction has not come to the confines of Bitcoin. Ethereum has dropped almost 5 percent to the price of 3,460, whereas XRP and Solana have lost over 5 percent. The total trading volume has gone down by a total of 31.52 percent in the last 24 hours, which is evidence of general caution in the market.
Although the retreat is leaving some influential figures with little to be optimistic about, some still show optimism. Eric Trump has been telling investors on Twitter to buy the dips, which was also his response in February when the market dipped. His call agrees with the renewed accumulation of the whale, indicating that there are big players who believe that the present correction is an opportunity to buy.
Macroeconomic Pressure Intensifies Bearish Sentiment
Recent macro regionals have stirred up the current market weakness. In July, the U.S. job numbers were lower than expected, which heightened fears about the growth of economic activities. The unemployment rate currently stands at 4.2 percent, and recruiting is slowing down because of the increase in the cost of doing business.
The recent reinstatement of tariffs by the Trump administration has also put pressure on markets. Analysts suspect such policies have undermined investors’ faith and increased volatility in risk assets such as cryptocurrencies.
Luke Tilley, the chief economist at Wilmington Trust, has mentioned that the job market deceleration was predictable. He stated that companies are also dealing with increased working expenses as they have reduced the rate of employee recruitment. Regardless of that temporary decline, whales and other celebrities are still buying during the downturn.
The post Bitcoin Whale Buys 300 BTC Daily as Market Slumps Below $113K first appeared on Coinfea.
