Bitcoin Whales Seize Price Slump Opportunity, Accumulate $1.38 Billion Worth of BTC on June 11

Bitcoin Whales Seize Price Slump Opportunity, Accumulate $1.38 Billion Worth of BTC on June 11

On June 11, Bitcoin whales seized the opportunity presented by the cryptocurrency’s price slump, accumulating a total of 20,600 BTC, valued at $1.38 billion.

Blockchain analytics firm CryptoQuant reports that this was the largest single-day inflow for Bitcoin whales since February 28. On that day, spot Bitcoin exchange-traded funds (ETFs) had only been around for six weeks, and BTC was nearing a new all-time high.

During the period when Bitcoin’s price dropped from $71,650 on June 7 to approximately $69,000, inflows into whale accounts ranged between 1,300 and 2,200 BTC per day. The price took another hit in the following days, resulting in the significant accumulation of 20,600 BTC by whale accounts on June 11.

As of now, the data for June 12 has not been updated. On that day, Bitcoin experienced a brief price surge following better-than-expected Consumer Price Index results from the United States. Currently, Bitcoin is trading at $67,500.

Meanwhile, Bitcoin’s supply on cryptocurrency exchanges has declined to 942,000, the lowest level since December 22, 2021, according to on-chain intelligence platform Santiment.

A decrease in Bitcoin reserves on exchanges typically signals a strengthening market, with investors expecting price increases over the mid to long term.

Despite these activities, Bitcoin remains 8.45% below its all-time high of $73,737, which was recorded on March 13, according to CoinGecko.

Ethereum whales are also active

Ethereum whales have recently accumulated over 240,000 ETH, valued at nearly $840 million at current prices, according to industry analyst Ali Martinez, who cites Santiment data.

However, unlike Bitcoin, the supply of Ether on cryptocurrency exchanges has seen an increase in recent days.

Santiment data indicates that there are currently 17.98 million ETH, worth $63.1 billion, held on cryptocurrency exchanges.

Ether’s price has decreased by 8%, from $3,815 on June 7 to $3,510 at the time of writing.