Whale 'Spoofy' amasses $344M in Bitcoin amid price dip

A Bitcoin (CRYPTO:BTC) whale known as "Spoofy" has made a significant move, acquiring over $340 million worth of BTC on the Bitfinex exchange during a recent price dip.

On February 27, 2025, it was reported that Spoofy accumulated 4,000 Bitcoin while the asset's price hovered between $82,000 and $85,000.

Identified by crypto analyst Saint Pump, Spoofy is considered a major trader with a history of influencing Bitcoin markets.

Spoofy has been accused of market manipulation, specifically "spoofing," which involves placing large bids with the intent to cancel them before execution.

During the market downturns of 2022, triggered by the collapses of Luna and FTX (CRYPTO:FTT), Spoofy capitalised by accumulating 70,000 BTC at prices ranging from $16,000 to $40,000.

These holdings were then sold between 2023 and 2024 as Bitcoin rebounded to between $40,000 and $70,000.

Spoofy also built a 24,000 BTC position throughout 2024 before selling off as prices surged to $70,000–$108,000.

While experienced traders like Spoofy take advantage of market downturns, new investors often panic and sell at a loss.

CryptoQuant founder Ki Young Ju noted that panic selling is typical for new traders, adding that a 30% correction is typical in a Bitcoin bull cycle.

Glassnode data indicated that recent market entrants have realised over $2.16 billion in losses, with the largest capitulations from those who bought Bitcoin in the past week.

 At the time of reporting, the Bitcoin (BTC) price was $82,198.74.