Bitcoin whales seized the opportunity presented by the drop in Bitcoin prices on June 11, accumulating a total of 20,600 BTC valued at $1.38 billion.
According to data from blockchain analytics firm CryptoQuant, this marked the largest influx of Bitcoin into whale accounts since February 28, a time when spot Bitcoin exchange-traded funds (ETFs) were just beginning, and Bitcoin was approaching a new all-time high.
The inflow of Bitcoin into whale accounts ranged between 1,300 and 2,200 BTC per day as the price of Bitcoin dipped from $71,650 on June 7 to approximately $69,000. A significant drop in price followed, resulting in a substantial 20,600 BTC flowing into whale addresses on June 11.
Data for June 12 has not been updated yet, which saw a brief spike in Bitcoin’s price following positive results from the United States Consumer Price Index. As of now, Bitcoin is trading at $67,500.
This surge in whale accumulation comes as the supply of Bitcoin on cryptocurrency exchanges dropped to 942,000, the lowest level since December 22, 2021, according to onchain intelligence platform Santiment. A decrease in reserves typically signals a bullish market sentiment with investors expecting a rise in prices in the medium to long term.
Bitcoin is currently 8.45% below its all-time high of $73,737 reached on March 13, as reported by CoinGecko.
Meanwhile, Ethereum whales have also been active, acquiring over 240,000 Ether valued at nearly $840 million at current prices, based on Santiment data cited by industry analyst Ali Martinez.
Unlike Bitcoin, the supply of Ether on cryptocurrency exchanges has seen an increase in recent days, with 17.98 million Ether (worth $63.1 billion) currently held on exchanges, according to Santiment. Ether’s price has decreased by 8% from $3,815 on June 7 to $3,510 currently.
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