Bitfinex whales have been going crazy with accumulation recently, building positions at a rate of 400-600 BTC per day. Around $300 million worth of USDT has been injected into Bitfinex via OTC desks over the past few days. This marks the most aggressive accumulation record since the market bottomed out on November 20th last year. Such rapid accumulation usually indicates two things: 1. Selling pressure here is relatively strong, allowing them to accumulate without significantly impacting market prices. 2. They believe the market has entered a new phase (because back when BTC was around 88K, they weren’t accumulating as aggressively as they are now). While it’s unclear what they’ve observed, they clearly think accumulating at this level is reasonable and cost-effective.