- Bitcoin whales have capitalized on recent price drops, making significant acquisitions.
- Since June 11, these large-scale investors have purchased a total of 20,600 BTC, valued at $1.38 billion.
- This massive buy marks the largest acquisition by Bitcoin whales since February 28, paralleling a notable decrease in Bitcoin supply on exchanges.
Bitcoin whales take advantage of market downturns, investing $1.38 billion in BTC and significantly reducing bitcoin supply on exchanges.
Whale Activity Peaks with Record Bitcoin Purchases
The recent market turmoil has turned into an opportunity for crypto whales, who have bought up a staggering 20,600 BTC since June 11. This investment, totaling $1.38 billion, showcases their confidence in Bitcoin’s long-term potential. Such substantial buying has not been seen since February 28, marking this as a pivotal moment for the Bitcoin market.
Bitcoin Supply on Exchanges Hits a Three-Year Low
On-chain data from intelligence platform Santiment highlights a decrease in Bitcoin supply on exchanges, dropping to 942,000—the lowest since December 22, 2021. A reduced supply of Bitcoin on exchanges is often interpreted positively, indicating that investors are holding onto their assets rather than selling. This trend aligns with major spot Bitcoin ETFs making billion-dollar purchases, further reducing available supply.
Ethereum Whales Follow Suit with Massive Purchases
Similar to Bitcoin, Ethereum also saw significant whale activity. Analyst Ali Martinez reported that Ethereum whales acquired ETH worth $840 million. This synchronized buying behavior among large investors in both Bitcoin and Ethereum suggests a strategic move towards accumulating these leading cryptocurrencies during market dips.
Conclusion
The latest whale activities underline a growing trend of strategic accumulation during price drops, signaling strong confidence in the future of major cryptocurrencies like Bitcoin and Ethereum. With Bitcoin supply on exchanges plummeting and significant purchases being made, the market could be poised for a substantial rebound. Investors should watch these developments closely as they could indicate the onset of a new bullish phase.
