A Bitcoin whale known as “Spoofy” acquired more than $340 million worth of BTC on the Bitfinex exchange as Bitcoin’s price dropped below $90,000.
On Feb. 27, community members reported that the whale had accumulated 4,000 Bitcoin (BTC) while the asset hovered between $82,000 and $85,000. The position is worth around $344 million at the current BTC price.
Crypto analyst Saint Pump identified the whale as Spoofy, regarded as one of the biggest traders in the space.
The entity known as Spoofy has a history of influencing Bitcoin markets. In 2017, the trader was accused of engaging in illegal market manipulation by placing large bids with the intent to cancel before execution — a practice known as “spoofing.”
Source: Saint Pump
Spoofy’s Bitcoin plays
During the collapses of Luna and FTX in 2022, which contributed to a prolonged bear market, Spoofy took advantage of the crash by accumulating BTC. Saint Pump said Spoofy bought 70,000 Bitcoin while the price ranged between $40,000 and $16,000.
The whale then sold the holdings between 2023 and 2024 as BTC rebounded to between $40,000 and $70,000.
More recently, Spoofy built a 24,000 BTC position throughout 2024 before selling off when prices surged to $70,000–$108,000 during a rally fueled by then-former US President Donald Trump’s pro-crypto stance.
Spoofy’s BTC position during the FTX bear market. Source: Saint Pump
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The largest realized Bitcoin losses are from crypto newbies
While veteran traders like Spoofy take advantage of Bitcoin market crashes to stack more sats, new investors often panic and sell at a loss.
CryptoQuant founder Ki Young Ju said any trader panic-selling at the moment is probably just a “noob.” He said a 30% correction is typical in a Bitcoin bull cycle. Ju noted that the price dropped by 53% in 2021 before recovering to a new all-time high. Buying high and selling low is the “worst investment strategy,” Ju added.
Recent data from blockchain analytics platform Glassnode backs Ju’s statements. On Feb. 27, Glassnode shared that over $2.16 billion in realized losses came from the most recent market entrants. Glassnode data showed that the largest capitulations were from those who bought Bitcoin in the past week.
Source: Glassnode
Glassnode data also suggested that losses from those holding Bitcoin for three months to a year “remain negligible.” Those holding for three to six months lost about $6.5 million, while those holding for six to 12 months lost around $3.2 million.
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