According to reports Bitcoin investor Spoofy spent $340 million to buy BTC on Bitfinex at prices lower than $90,000. Various Bitcoin communities recorded that Spoofy purchased 4,000 BTC at exchange rates between $82,000 and $85,000 on Feb. 27.
According to crypto analyst Saint Pump Spoofy stands out as a leading trader in the field who has repeatedly influenced market trends. The entity made headlines in 2017 because people accused it of manipulating the market with spoofing methods during trading.
During past market declines Spoofy successfully seized market opportunities. Throughout 2022 the trader bought 70,000 bitcoins at various times when Bitcoin prices between $40,000 and $16,000 underwent market fluctuations. The entity sold the acquired Bitcoin between 2023 and 2024 as market values increased from $40,000 to $70,000.
Spoofy’s 2024 Bitcoin Strategy
In February 2024 Spoofy bought 24,000 BTC then sold it when prices reached $70,000 to $108,000. Former U.S. President Donald Trump’s crypto-friendly beliefs helped increase the market price during that period.
The price drops in BTC attract skilled traders like Spoofy who then sell to investors who sell at a loss. In his readings Ki Young Ju discovers that new investors panic by selling when BTC experiences 30% downward revisions. Ju observed BTC crashed numerous times in 2021 only before reaching peak market value.
The blockchain analytics platform Glassnode shows evidence that matches this opinion. On February 27 Glassnode said investors who started buying BTC in recent past had $2.16 billion in losses. People who bought BTC during the previous week made up most of the selling activity.
Glassnode analysis showed small financial losses from people who have owned BTC for some time. The last three to six months investors had $6.5 million in losses with twelve-month investors having about $3.2 million in losses. Many experienced traders capitalize on Bitcoin’s market lows while most recent investors deal with its volatility during its market cycle.
