Adam Back appears in the Bitfinex whale controversy: "Buying 450 BTC worth of spot daily"

Source: BlockMedia Original Title: Bitcoin Whale Controversy at Binance: Adam Back Appears, “Buying 450 BTC in Spot Daily” Original Link: Interpretations surrounding the relationship between Bitcoin prices and Binance whale long positions are drawing market attention. As large long positions tracked on Binance increase, Bitcoin prices have experienced corrections, fueling debates about the nature of whale funds.

In this context, Bitcoin early developer and Blockstream CEO Adam Back offered a different perspective, stating that the recent movements of the whale are more akin to a continuous buying flow rather than directional betting. He emphasized that it is difficult to determine the whale’s intent solely based on derivatives positions.

Digital Asset( and Virtual Asset) market analyst Ravan Patmanathan claimed on the 20th( local time via social media X that Bitcoin prices and Binance whale long positions have shown an inverse correlation over the past five years. According to the published chart, there has been a recurring pattern where Bitcoin prices adjust after a surge in large long positions on Binance.

Adam Back explained that the so-called whale account on Binance is currently purchasing approximately 450 BTC daily. This is similar to the daily Bitcoin mining output. He noted that initially, the daily purchase was around 300 BTC, but after Bitcoin reached around $90,000, the buying volume increased to 450 BTC.

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Back added that, when converted to seconds, this amounts to buying about $470 worth of Bitcoin every second throughout the day. The buying activity has reportedly continued since after 3 PM local time on the 20th.

Market participants are also considering the possibility that, contrary to the traditional view that increasing whale long positions signal price declines, both spot buying and derivatives positions for hedging purposes might be used simultaneously. There is also a recognition of the limitations of judging the whale’s actual trading direction solely based on derivatives data.

Meanwhile, during the recent sharp decline in Bitcoin prices, the derivatives market saw large-scale long position liquidations. According to CoinGlass, the total liquidation volume across the entire virtual asset market in the past 24 hours reached $1.05 billion, with most liquidations being long positions. This has raised the need to distinguish between short-term leverage positions and whale funds.