In the last few days, Bitfinex has seen a significant 6% increase in Bitcoin (BTC) long positions held by whales, totaling an impressive 48,615 BTC.
Analysis of Bitfinex whale activity in 2024 has shown a consistent pattern. On February 10, these whales held over 76,000 BTC, but by the all-time high in March, their holdings had decreased to 42,000 BTC.
Interestingly, Bitfinex whales predicted Bitcoin’s subsequent decline from a peak of around $73,500 to $56,500 on May 1. Since reaching their lowest position on April 13, Bitfinex whales have been steadily increasing their holdings.
As BTC has recently surged from $56,500 to $62,000 in the past two days, Bitfinex whales have continued to strengthen their positions.
History has shown that Bitfinex whale activity can be a reliable indicator of price direction. When Bitcoin prices are at their peak, whale-long positions tend to decrease, and these entities take advantage of market dips to increase their position. Conversely, as prices rise, whales slowly sell off their positions.
