On January 27, crypto KOL and former FTX community partner Benson Sun stated, "Bitfinex whale have recently accelerated their accumulation of positions significantly, adding approximately 400-600 BTC daily. Meanwhile, the OTC desk recently injected approximately $300 million worth of USDT into Bitfinex."
This is Bitfinex's most aggressive round of position building since the market bottomed out on November 20th of last year. Historically, such a rapid pace of position building usually indicates two things:
• The current market has sufficient selling pressure, which allows for large-scale accumulation of shares without significantly impacting prices;
• Funders believe the market has entered a new phase – previously, there was no similar level of buying activity around $88,000.
While it remains unclear what specific signals these funds have identified, it's certain that they believe adding to their positions at current price levels is both reasonable and worthwhile.
