Bitcoin Whale 'Spoofy' Buys $340M in BTC Amid Price Dip, Newbies Suffer Losses

On February 27th, reports surfaced that a Bitcoin whale known as "Spoofy" acquired over $340 million worth of BTC on Bitfinex as Bitcoin's price dipped. Specifically, Spoofy accumulated 4,000 BTC, valued at approximately $344 million, while Bitcoin hovered between $82,000 and $85,000. Crypto analyst Saint Pump identified Spoofy, who has a history of influencing Bitcoin markets, including accusations of market manipulation in 2017. While experienced traders like Spoofy capitalize on market dips, new investors are experiencing significant losses. Glassnode data from February 27th revealed that recent market entrants realized over $2.16 billion in losses, with the largest capitulations coming from those who bought Bitcoin in the past week. In contrast, losses for long-term holders (three months to a year) were negligible.