Key Takeaways
- Spoofy purchased 4,000 BTC worth $344 million as Bitcoin dropped below $90K.
- The whale previously bought 70,000 BTC during the 2022 FTX collapse at $40K–$16K.
- New Bitcoin investors have realized over $2.16 billion in losses amid the dip.
A Bitcoin whale known as “Spoofy” has acquired over $344 million worth of BTC on Bitfinex, taking advantage of a market dip below $90,000.
On Feb. 27, reports surfaced that Spoofy had purchased 4,000 BTC while Bitcoin traded between $82,000 and $85,000.
Spoofy’s trading history
Crypto analyst Saint Pump identified Spoofy as a major market participant with a history of large-scale Bitcoin trades.
During the 2022 crashes of Luna and FTX, Spoofy accumulated 70,000 BTC when prices ranged from $40,000 to $16,000.
The whale later sold between 2023 and 2024 when Bitcoin rebounded to $40,000–$70,000.
Recent market movements
In 2024, Spoofy built a 24,000 BTC position before selling during Bitcoin’s rally to $70,000–$108,000, driven by Donald Trump’s pro-Bitcoin stance.
Panic selling among new investors
Meanwhile, blockchain data shows that newer investors are panic-selling at losses.
CryptoQuant founder Ki Young Ju noted that Bitcoin typically experiences 30% corrections in bull cycles, citing a 53% drop in 2021 before a new all-time high.
According to Glassnode, recent market entrants have realized over $2.16 billion in losses, with the largest capitulations from those who bought Bitcoin in the past week.
