- Bitcoin whales experienced a significant opportunity amidst the drop in Bitcoin prices on June 11, with massive accumulation recorded.
- Reports indicate that these whales acquired a staggering 20,600 BTC worth approximately $1.38 billion.
- According to CryptoQuant, this represented the largest single-day inflow of Bitcoin into whale wallets since February 28.
Bitcoin whales capitalize on June 11 dip, accumulating $1.38 billion worth of BTC, suggesting strategic long-term bullish sentiment.
Bitcoin Whales Seize Major Accumulation Opportunity
On June 11, amidst a notable decline in Bitcoin prices, large-scale investors, often referred to as ‘whales,’ took advantage of the situation by accumulating a substantial amount of Bitcoin. Data from CryptoQuant reveals that these whales added a total of 20,600 BTC to their holdings, amounting to a hefty $1.38 billion. This influx marks the most significant single-day acquisition since February 28, reflecting growing optimism among large investors despite short-term market volatility.
Price Movement and Whale Activity
The whale activity on June 11 was prompted by Bitcoin’s price plummeting from $71,650 on June 7 to $69,000, eventually leading to another drop. On this day, daily BTC inflows into whale wallets ranged between 1,300 to 2,200 BTC. The cumulative buying led to a pronounced surge, signifying strong confidence amongst the whales regarding Bitcoin’s long-term potential. By June 12, Bitcoin showed a slight recovery, buoyed by better-than-expected US Consumer Price Index (CPI) results, with prices stabilizing around $67,500.
Onchain Data Insights
Onchain analytics platform Santiment highlighted a notable trend with Bitcoin’s supply on cryptocurrency exchanges dropping to 942,000. This figure marked the lowest level since December 22, 2021. A decline in exchange reserves typically signals a bullish market sentiment, as investors withdraw their holdings in anticipation of future price appreciation, preferring to hold rather than sell.
Ethereum Whale Activities
In parallel with Bitcoin, Ethereum whales were also active participants in the market. Data from Santiment, analyzed by crypto analyst Ali Martinez, showed that Ethereum whales purchased over 240,000 Ether, roughly valued at $840 million at current prices. Unlike Bitcoin, the supply of Ether on exchanges saw an uptick, indicating potential selling pressures. Currently, there are about 17.98 million Ether valued at $63.1 billion on crypto exchanges. Ethereum’s price saw a downturn from $3,815 on June 7 to $3,510 at present, marking an 8% decrease.
Conclusion
The significant accumulative actions of both Bitcoin and Ethereum whales underscore a strategic bullishness in the market despite prevailing volatility. This trend suggests that these large investors are positioning themselves for long-term gains, anticipating positive future price movements. As always, market participants should conduct their own due diligence and assess the risks involved in their investment decisions.
