- This was the biggest influx of capital for Bitcoin whales since February 28.
- There was a huge influx of 20,600 Bitcoin into whale accumulation addresses.
Bitcoin whales amassed 20,600 BTC worth around $1.38 billion, on June 11, capitalizing on the Bitcoin price fall. Blockchain analytics company CryptoQuant reports that this was the biggest influx of capital for Bitcoin whales since February 28, when spot Bitcoin ETFs were less than six weeks old and BTC was on the verge of a new all-time high.
As Bitcoin price dropped from $71,650 on June 7 to approximately $69,000, inflows into whale accounts remained steady at 1,300 to 2,200 Bitcoin daily. The price fell again a few days later, and on June 11, there was a huge influx of 20,600 Bitcoin into whale accumulation addresses.
Bitcoin Whales Optimistic
There has been no update to the data for June 12, when the price of Bitcoin briefly surged following better-than-expected results from the US CPI. Santiment, a onchain intelligence platform, reports that the supply of Bitcoin on cryptocurrency exchanges dropped to 942,000, the lowest level since December 22, 2021. At the time of writing, Bitcoin is trading at $67,720 as per data from CMC.
Reducing Bitcoin reserves is a common sign of a growing market where buyers are anticipating price increases in the medium to long run. According to crypto analyst Ali Martinez, using Santiment data, Ethereum whales have lately purchased more than 240,000 Ether, which, at current rates, is approximately $840 million.
But according to Santiment, the supply of Ethereum on cryptocurrency exchanges has actually grown in the past few days, unlike Bitcoin. Data from Santiment shows that there are 17.98 million Ether, with a market value of $63.1 billion, held by cryptocurrency exchanges at the moment.
