Bitcoin whales experienced a significant impact from the price drop on June 11, accumulating a staggering 20,600 Bitcoins worth $1.38 billion on that day, according to blockchain data analysis firm CryptoQuant. This event coincides with the Bitcoin exchange-traded funds being just six weeks old for these large holders.
What Is Happening on the Bitcoin Front?
June 11 marked the most substantial inflow day since February 28, when Bitcoin neared its all-time high. During this period, daily whale account entries typically ranged between 1,300 and 2,200 Bitcoins. The price of Bitcoin dropped from $71,650 on June 7 to $69,000, leading to a significant accumulation of 20,600 Bitcoins by whales.
As of June 12, Bitcoin’s price saw a brief rise following promising CPI results, although updated data for that day isn’t available. Currently, Bitcoin is trading at $67,500.
Blockchain data analysis platform Santiment reports that Bitcoin’s supply on cryptocurrency exchanges has decreased to 942,000, the lowest since December 22, 2021. This reduction in reserves is often seen as a sign of a stronger market, with investors anticipating a medium to long-term price increase.
Notable Data for Ethereum
Crypto analyst Ali Martinez, referencing Santiment data, noted that Ethereum whales have acquired over 240,000 Ethereum, valued at approximately $840 million at current prices. Contrary to Bitcoin, the supply of Ethereum on exchanges has risen recently, with 17.98 million Ethereum worth $63.1 billion now on exchanges. Ethereum’s price has declined from $3,815 on June 7 to $3,510 currently, an 8% drop.
Key Takeaways
– Bitcoin whales are accumulating significant amounts after price drops, indicating potential market confidence.
– A marked decrease in Bitcoin reserves on exchanges could hint at future price increases.
– Ethereum whales are also active, but the increase in supply on exchanges contrasts with Bitcoin’s trend.
These insights suggest a complex market behavior with varying strategies between Bitcoin and Ethereum whales.