Bitcoin Drops Below $90K as Whales Capitalize on Market Panic

The bitcoin drops below 90,000 dollars and some are taking advantage! While novices panic and sell at a loss, the giants are indeed quietly accumulating millions in BTC. We deliver all the details in the following paragraphs!

Spoofy accumulates $344M in bitcoin

Spoofy is a controversial figure in crypto trading. Accused of spoofing in 2017, he is known for accumulating bitcoin during massive downturns. During the crash of FTX, for example, he bought 70,000 BTC at prices between $16,000 and $40,000. He then resold them between $40,000 and $70,000.

As the price of bitcoin has fallen below $90,000, this legendary crypto whale strikes again. He has indeed just bought 4,000 BTC for a total of 344 million dollars. A strategy that intrigues, especially given his history of alleged market manipulation of bitcoin.

With 24,000 BTC accumulated in 2024, Spoofy seems to once again anticipate a future crypto bull run.

Metaplanet follows the trend and invests $13.4M in BTC

Another major entity positions itself on bitcoin: the Japanese company Metaplanet. The company has indeed issued $13.4 million in zero-interest bonds to buy BTC. This confirms its aggressive accumulation strategy.

Since May 2024, the company has acquired 2,235 BTC. According to many crypto experts, it is inspired by the Strategy model (formerly MicroStrategy).

Novice panic, opportunity for crypto whales?

While Spoofy bets on a rebound in the bitcoin market, many investors are panicking. According to Glassnode, over $2.16 billion in realized losses indeed comes from new entrants to the market.

In this regard, CryptoQuant founder Ki Young Ju reminds that panicking and selling is a mistake. A 30% correction is, according to him, normal in a bullish cycle.

Thus, the drop of bitcoin could be an opportunity for savvy investors. As often in cryptocurrencies, patience and analysis make the difference.