Mysterious Whale Spoofy Returns! Market Manipulation or Smart Move?
When the price of Bitcoin fell below $90,000, a Bitcoin whale named “Spoofy” bought almost $340 million worth of BTC on the Bitfinex platform. The whale had amassed 4,000 Bitcoin, according to community members, on February 27, while the asset was trading between $82,000 and $85,000. At the current price of Bitcoin, the position is worth approximately $344 million.
The whale turned out to be Spoofy, considered by cryptocurrency analyst Saint Pump to be one of the biggest traders in the industry. The whale called Spoofy has a track record of impacting Bitcoin markets. The trader was charged with unlawful market manipulation in 2017 for allegedly “spoofing,” or putting high bids to cancel before execution.
How Spoofy Turned Crypto Chaos into a Fortune?
While novice investors frequently panic-sell at a loss, seasoned traders like Spoofy take advantage of Bitcoin market crashes to increase their holdings. The Luna and FTX collapse in 2022, which led to a prolonged bear market, were examples of significant downturns during which Spoofy carefully purchased 70,000 BTC at prices ranging from $40,000 to $16,000. The whale steadily sold their shares when Bitcoin recovered between $40,000 and $70,000 in 2023 and 2024, reaping huge profits.
In 2024, Spoofy increased his holdings of Bitcoin to 24,000 before selling them when prices surged to $70,000–$108,000. This increase was sparked by then-former US President Donald Trump’s pro-crypto position.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment