Mysterious Bitcoin Whale ‘Spoofy’ Amasses $344 Million in BTC as Price Plummets Below $90,000

“Spoofy,” a BTC whale has acquired almost $340 million worth of Bitcoin, as its price dropped below $90,000. According to some community members, the user has amassed 4,000 Bitcoin on BitNifex exchange while the asset’s price was hovering around $82,000 – $85,000. Considering the current BTC price, this position should be worth a little over $344,000. 

Source: X 

This person, known as Spoofy, has been influencing the volatility of the Bitcoin market for quite a long time. He/she was accused of using illegal market manipulation techniques in 2017 by placing massive bids on Bitcoin. His intent was to cancel the bid before it gets executed – a process or practice otherwise known as spoofing. According to Saint Pump, a X user, Spoofy has already accumulated a total of 30,000 BTC in 2024 and unloaded his position while everyone was excited about the surge of Trump meme coin. 

Spoofy’s Market Plays 

The collapse of FTX and Luna in 2022 contributed to a lengthy bear market and affected the price of BTC massively. Spoofy took advantage of this situation by buying Bitcoin at a price range between $16,000 to $40,000. According to Saint Pump, he purchased more than 70,000 BTC during this period. The whale, however, sold their belongings again between 2023 to 2024, as Bitcoin’s price hovered between $40,000 – $70,000.  

Here’s how Spoofy’s BTC position looked like during the bear market, according to Saint Pump: 

Source: Saint Pump

What Does This Mean for the Market 

Spoofy is an experienced veteran who has been manipulating and taking advantage of the BTC market for a long time. If they keep buying Bitcoin, even during such an event of turmoil, maybe they’ve seen something no one else is yet to identify. So, even if the market is plummeting right now, it might be better for the traders to hold onto whatever they own and wait until the price keeps on rising again.  

Source: X 

After all, both Spoofy and Bollinger cannot be wrong about the market, considering the experience and expertise they boast regarding the same.