Bitcoin Whale's $40M Daily Bid: Stabilizer or Mirage at $90,000?

A Bitcoin whale’s $40 million daily bid at $90,000 may be Bitcoin’s unlikely stabilizer as the market grapples with overhead supply and shallow institutional participation.

Adam Back (Blockstream CEO) stated a Bitfinex whale is purchasing ~450 Bitcoin (BTC) daily at $90,233, equating to $40.6 million in demand. This persistent buying pressure creates a floor against incremental supply from short-term holders, though it lacks the velocity to trigger upward momentum.

Santiment data reveals 36,322 BTC added to whale wallets (10-10,000 BTC) over nine days, a 0.27% increase.

Glassnode’s cost-basis analysis identifies $81,100 as True Market Mean support and $98,400 as Short-Term Holder cost basis resistance. These metrics suggest the whale’s activity is countering immediate supply but not yet challenging higher-order resistance.

The derivatives market shows disengagement: 7-day futures volume contraction and open interest adjustments without traded volume.

Bitfinex margin long positions declined to 70,639 BTC YTD from 72,000 peak. This liquidity erosion amplifies the whale’s relative influence, as fewer counterparties exist to absorb large orders.

Adam Back said:

"On paper, a persistent buyer of that size can, in principle, offset incremental new supply..."

Look, the whale’s bid is a textbook example of dealer gamma positioning—artificially stabilizing price while avoiding trend creation. But with derivatives liquidity at a trough, even this steady hand could face slippage if broader market conditions deteriorate.

⚠️ LEGAL DISCLAIMER: This article is for informational purposes only and does not constitute financial or investment advice.