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Bitcoin Whales Raises $1.4 Billion in 24 Hours Amid Market Correction – TradingView News
Bitcoin whales took full advantage of the Bitcoin price crash on June 11, accumulating a total of 20,600 BTC worth $1.38 billion.
According to blockchain analytics firm CryptoQuant, this is the largest influx day of Bitcoin whales since February 28, when Bitcoin was first spotted. BTCUSD Exchange-traded funds (ETFs) were barely six weeks old and BTC was nearing a new all-time high.
Inflows into Bitcoin whale accounts fluctuated between 1,300 and 2,200 Bitcoins per day, with Bitcoin falling from $71,650 on June 7 to around $69,000. The price fell again a few days later, leading to a massive day with 20,600 Bitcoins flowing into whale accumulation addresses on June 11.
Data has not yet been updated for June 12, when the price of Bitcoin briefly climbed after better-than-expected results from the U.S. Consumer Price Index. At the time of writing, Bitcoin is trading at $67,500.
This comes as Bitcoin’s supply on cryptocurrency exchanges fell to 942,000 – its lowest level since December 22, 2021, according to on-chain intelligence platform Santiment.
A decline in Bitcoin reserves often indicates a strengthening market where investors anticipate a price rise in the medium to long term.
Bitcoin is still down 8.45% from its all-time high price of $73,737 set on March 13, according to CoinGecko.
Ethereum whales don’t sleep either
Ethereum whales recently purchased over 240,000 Ether (ETH) worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.
Related: Analyst Next Targets Bitcoin at $91.5K Despite Fed’s ‘hawkish tone’
However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges has increased in recent days.
According to Santiment data, there are currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges.
Ether is down 8%, from $3,815 on June 7 to $3,510 at the time of writing.