How one Bitcoin whale is absorbing the world’s entire daily mining supply as Bitcoin price faces $90,000 friction
A major Bitcoin whale is reportedly buying 450 BTC daily, matching the global mining supply, amidst price struggles near $90,000.Summary
Adam Back of Blockstream highlighted that a "Bitfinex whale" is purchasing approximately 450 Bitcoin daily, which equals the entire global daily mining supply, while Bitcoin struggles to break past the $90,000 resistance level. This persistent, whale-sized demand could act as a stabilizing force, slowing panic and reducing disorderly dips, but it may not be enough to trigger a new uptrend on its own.
On-chain analysis from Glassnode indicates Bitcoin is currently in a moderate bear phase, bounded by support near $81,100 (True Market Mean) and resistance around $98,400 (Short-Term Holder cost basis). Rallies into this upper band invite selling pressure as recent buyers exit near breakeven, exacerbated by a dense supply overhang above $100,000 that requires significant demand acceleration to overcome.
Furthermore, derivatives market microstructure suggests $90,000 is a critical fault line: dealer positioning implies downside moves could amplify below this level due to short gamma, while above it, dealer positioning might dampen follow-through. The whale's steady bid, if sustained, is most valuable in preventing a slip below $90,000, thereby mitigating amplified downside risk, rather than guaranteeing a breakout above resistance.
(Source：CryptoSlate)