Large cryptocurrency holders, known as crypto whales, are on the lookout for discounted opportunities as Bitcoin prices experience a decline, according to recent data.

Bitcoin witnessed a significant premium on Bitfinex over the weekend, indicating potential bargain hunting by large cryptocurrency holders known as whales.

Crypto whales, characterized by their substantial token holdings, seem to be acquiring Bitcoin (BTC) at lower prices, taking advantage of the cryptocurrency’s decline following the recent introduction of U.S. spot ETFs. Bitcoin experienced a nearly 19% drop to $39,770 since the commencement of spot ETF trading in the U.S. on January 11, as indicated by CoinDesk data.

This decline prompted certain crypto whales to engage in bargain hunting on Bitfinex, a top 10 exchange by trading volumes, known for its influential market moves. Data from TradingView revealed that during the weekend, Bitcoin traded at a premium of $100 on Bitfinex compared to the global average price. As of the latest update, the premium was approximately $70, notably higher than on other exchanges like Coinbase and Binance.

A pseudonymous market analyst and trader known as Byzantine General highlighted continuous TWAP (trade-weighted average price) buying on Bitfinex, estimating an accumulated spot value of around $50 million over three days. TWAP is an algorithmic strategy designed to execute large orders gradually, reducing slippage during significant transactions.

This TWAP buying pattern persisted on Tuesday, driven by sales from the FTX bankruptcy estate and outflows from Grayscale Bitcoin Trust (GBTC), pushing Bitcoin prices below $39,000 for the first time since early December. The increased demand during this market dip is also reflected in the renewed interest in bullish leveraged bets on Bitfinex, with the number of open BTC/USD long contracts rising by almost 8%, surpassing 73,000 contracts within a week.