Adam Back points to steady buying below $69,000<\/strong><\/h1>\nBack said a group of institutional participants may be using a time-weighted average price strategy, also known as TWAP. Under that approach, buyers spread purchases over time instead of placing one large order.<\/p>\n
He said this buying appears to focus on Bitcoin below the $69,000 level. According to his reading of the market, those orders have absorbed available supply during the recent pullback.<\/p>\n
Back also said Bitfinex margin accumulation has been building since late 2020. He estimated that the pace now stands at 300 BTC or more per day through organic trades.<\/p>\n
Using that rate, the daily flow would equal about $20 million at recent prices. That works out to around $14,000 per minute, with an average purchase rate between 450 and 600 BTC over a full day.<\/p>\n
Accumulation builds during a correction phase<\/strong><\/h2>\nThe timing of the buildup has drawn attention because it is taking place during a correction. While price action has remained under pressure, long positioning on Bitfinex has continued to expand.<\/p>\n
Back said this does not look like \u201cartificial speculation.\u201d Instead, he described it as longer-term positioning by buyers whose identities remain unclear.<\/p>\n
That view reflects a wider idea now circulating in the market. Some traders believe the current phase is shifting Bitcoin from weaker holders to entities with a longer holding period.<\/p>\n
Several analysts have also pointed to signs of bearish exhaustion on the weekly chart. In that setting, a large leveraged buildup can become a closely watched market signal.<\/p>\n
Back said the size of the Bitfinex long book could tighten available supply if the current pace continues. He added that reduced market depth could make Bitcoin react faster if a positive catalyst appears.<\/p>\n
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