“For context 300btc/day that’s $400/second all day, historically they’ve done this days, weeks continuously and ramped it up too harder too up to 1000btc/day ($1300/second all-day at these prices).”
The sustained appetite of this whale, especially one connected with Bitfinex, is a potentially market-moving signal. Whale accumulation (large buys executed methodically over time) can soak up significant supply, causing upward pressure on price or stabilizing the market during volatility. Such whale behavior has preceded large bullish moves in previous cycles, as well as short-term volatility when whales shift gears or exit positions.
But not everyone sees this as unequivocally bullish. As one of Back’s followers commented:
“That’s not a good thing, as Bitfinex whales buy downtrends and sell uptrends.”
This highlights a long-debated dynamic. Some whales accumulate during market weakness and then distribute (sell) into liquidity during stronger markets, adding both buying support in downturns and potential resistance during rallies.
Whatever your take on the Bitfinex whale, Adam Back is no ordinary observer. As the inventor of Hashcash, a critical Proof-of-Work algorithm referenced in the original Bitcoin whitepaper, Back is seen as one of the founding figures in the crypto space.
He is the CEO and co-founder of Blockstream, a global leader in Bitcoin protocol development and infrastructure. Renowned as a cypherpunk and one of the first to correspond with Bitcoin’s anonymous creator, Satoshi Nakamoto, Back’s market commentary carries outsized weight within the industry.
On-chain data suggests that when whales accumulate at this scale, it’s typically a sign of strong hands preparing for the next price move, or smart money stepping in to absorb panic selling. With supply on exchanges already at record lows and institutional interest surging, continuous spot buying from traders like the Bitfinex whale could fuel both a relief rally and long-term supply squeeze, especially if sustained over days or weeks.
However, whale accumulation doesn’t guarantee a straight line upward. Recent years have shown that large holders are just as likely to defend support as they are to take profit if the opportunity arises. Traders will be watching closely for signs of a trend reversal or major move.
