Using the price dip earlier this week on June 11, Bitcoin whales seized full opportunity and accumulated a total of 20,600 BTC valued at $1.38 billion on the day. Blockchain analytics company CryptoQuant claims that since February 28, when spot Bitcoin exchange-traded funds were just six weeks old, BTC was reaching a new all-time high, and this represented the biggest inflow day for Bitcoin whales.

Table of Contents

The Biggest Bitcoin Whales Since February

As Bitcoin dropped from $71,650 on June 7 to roughly $69,000, daily intakes into Bitcoin Whale accounts ranged between 1,300 and 2,200 Bitcoin. Days later, the price dropped once further, and on June 11, a huge day with 20,600 bitcoins moving into whale accumulation addresses occurred. The information hasn’t yet been updated since June 12, when Bitcoin’s price momentarily surged following better-than-expected CPI numbers. At the time of writing, the price of Bitcoin is currently at $67,500.

Lowering Bitcoin Reserves: Strengthening the Market

Onchain intelligence platform Santiment reports that the increase in whale behavior matches the declining supply of Bitcoin on cryptocurrency exchanges to 942,000—its lowest level since December 22, 2021. Declining Bitcoin reserves usually point to a rising market where investors expect increasing price movement over the mid- to long-term.

This Might Interest You: Federal Reserve Holds Rates Steady Amid Inflation Concerns

CoinGecko reports that Bitcoin is still down 8.45% from its all-time high price of $73,737 reached on March 13.

READ: Bitcoin vs. Solana vs. Shiba Inu: What You'd Have If You Invested $10,000 At The Beginning Of 2024

Comparative Patterns in Ethereum and Bitcoin Whale Activity

Ethereum whales were clearly active, just as Bitcoin whales were gathering. Based on Santiment data, industry researcher Ali Martinez claims that Ethereum whales have purchased approximately 240,000 ETH valued at around $840 million at current pricing. But unlike Bitcoin, Santiment observed that the quantity of Ethereum on cryptocurrency exchanges has grown lately.

Santiment data shows that 17.98 million Ethers (valued at $63.1 billion) are presently kept on cryptocurrency exchanges. From $3,815 on June 7 to $3,510 at the time of writing, ether is down 8%.

These divergent tendencies in Bitcoin and Ethereum whale activity draw attention to the dynamic character of the cryptocurrency market, in which several assets might show diverse patterns of accumulation and distribution.

Click here to get the latest news from Coin Engineer!