As major crypto assets (virtual currencies) continue to decline in the aftermath of the Bitcoin spot exchange-traded fund (ETF) debut in the United States, large holders “whales” are buying Bitcoin (BTC) at lower prices. Looks like you’re getting it.

Since the spot ETF began trading in the United States on January 11, Bitcoin has fallen about 19% to the $39,000 range, according to data from CoinDesk.

As a result, some whales are buying Bitcoin at bargain prices on the cryptocurrency exchange Bitfinex. Bitfinex, one of the top 10 exchanges by volume, is notorious for making waves in the market.

Bitcoin traded at a $100 premium on Bitfinex over the weekend compared to the global average price, according to TradingView data. At the time of writing, the premium is around $70, which is still significantly higher than other exchanges such as Coinbase and Binance.

Anonymous market analyst and trader Byzantine General said, “Someone at Bitfinex has been buying BTC on TWAP for 3 days in a row and that’s why it’s trading at a huge premium on Bitfinex. My estimate is that about 50 million dollars (approximately 7.5 billion yen, equivalent to 1 dollar = 150 yen) has been spent so far.Posted on X.

TWAP (Trade Weighted Average Price) is an algorithmic strategy that splits large orders over time, helping traders minimize slippage on large orders. Slippage is the gap between the price at which a trade order is executed and the price at which it was placed.

The bankruptcy trustee sale of FTX and outflows from the Grayscale Bitcoin Trust (GBTC) caused BTC prices to briefly fall below $39,000 for the first time since early December.The so-called TWAP buying continued on the 23rd..

This dip demand is also evident in the renewed interest in Bitfinex’s bullish leverage bets.

The number of long, or bullish, leveraged bets on BTC/USD has increased by nearly 8% in a week to more than 73,000, according to the chart.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: TradingView
｜Original text: Crypto Whales Hunt for Bargains As Bitcoin Prices Slide, Data Shows