Bitcoin whales capitalized on the recent drop in Bitcoin prices on June 11, accumulating a total of 20,600 BTC valued at $1.38 billion. This marked the largest inflow day for Bitcoin whales since February 28, a time when spot Bitcoin exchange-traded funds (ETFs) were still relatively new and BTC was approaching a record high.
In the days leading up to June 11, inflows into Bitcoin whale accounts ranged from 1,300 to 2,200 Bitcoin daily as the price of Bitcoin dropped from $71,650 on June 7 to around $69,000. A significant price drop occurred shortly after, resulting in a massive influx of 20,600 Bitcoin into whale accumulation addresses on June 11.
As of the latest update, Bitcoin is currently trading at $67,500, following a brief spike after the release of better-than-expected United States Consumer Price Index results. Data from June 12 is still pending.
Meanwhile, Bitcoin’s supply on cryptocurrency exchanges has dropped to 942,000, its lowest level since December 22, 2021, according to onchain intelligence platform Santiment. A decrease in Bitcoin reserves typically indicates a bullish market sentiment, with investors expecting upward price movements in the medium to long term.
Despite being down 8.45% from its all-time high of $73,737 in March, Bitcoin continues to show resilience. Ethereum whales have also been active, acquiring over 240,000 Ether valued at nearly $840 million at current prices. However, unlike Bitcoin, the supply of Ether on exchanges has seen an increase in recent days.
According to Santiment data, there is currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges. The price of Ether has dropped 8% from $3,815 on June 7 to $3,510 at the time of writing.
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