Bitcoin fell below $113,000, causing traders to buy the dip

Bitcoin has plunged below $113,000, prompting fresh “buy the dip” sentiment among traders. Blockstream CEO Adam Back noted that a Bitfinex whale is already snapping up 300 BTC daily, using a Time-Weighted Average Price (TWAP) approach.

In an X post, the BSTR Holdings executive identified that the whale has been particularly active in the last 48 hours. 

BSTR CEO Adam Back suggests the whale could be using $400 every second to buy Bitcoin

Adam Back stated that the Bitfinex whale purchases 300 BTC per day via a TWAP strategy, which outsources orders uniformly over time. He hinted that the buyer could commit around $400 every second to accumulate Bitcoin.

He commented, “The Bitfinex whale is back last 48hrs, TWAP buying Bitcoin all-day looks like 300 btc/day for now.”

He reportedly noticed the accumulation through Bitfinex’s BTCUSDLONGS metric, which measures margin long exposure. The persistent uptrend in open longs points to the trader using a TWAP-based accumulation with BTC as margin collateral.

In late February, Back also revealed that the same trader was buying 1,000 BTC per day, executing purchases at one-minute intervals during a market downturn.

Eric Trump calls on investors to purchase crypto tokens amid a falling market

The latest buying spree by the Bitfinex whale comes just after a significant pullback across the digital asset space. Bitcoin, the market leader by capitalization, led the decline, slipping to $112,012. That’s an 8.97% drop from its record high of $123,091 hit in mid-July, per CoinMarketCap. Trading volumes have also slumped 31.52% in the last 24 hours.

Ethereum, XRP, and Solana have all dropped more than 4% in the last 24 hours, mirroring broader altcoin weakness. Their selloff has been amplified by reports of major whales like Arthur Hayes liquidating positions, even as others, including the Bitfinex whale and Eric Trump, look to buy the dip. 

Eric Trump has even publicly encouraged investors to take advantage of declining cryptocurrency prices. In a recent post on X, he urged followers to “buy the dips.” At the time, Bitcoin had dropped to an intraday low of $112,724, falling below the $113,000 threshold.

Ethereum also saw significant losses, down nearly 5% to $3,460, while XRP and Solana lost over 5% of their market value. The World Liberty (WLFI) Ambassador also urged investors to buy Bitcoin during its decline in February. Since then, Bitcoin has increased by 15%, and Ethereum has jumped by 20%. 

According to analysts,  macroeconomic stressors, amplified by the return of Trump tariffs, are key drivers behind the recent crypto market’s decline. The release of underwhelming U.S. job numbers for July has only deepened concerns about economic stability, as the Federal Reserve continues to resist calls for interest rate cuts. So far, unemployment rates in the US stand at 4.2%. However, Luke Tilley, chief economist at Wilmington Trust, stated that the job slowdown aligns with tier expectations. He argued that businesses are adjusting to higher costs and are therefore being more cautious about hiring. 

Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.