Bitcoin whales took a significant hit from the Bitcoin price drop on June 11 and attracted attention by accumulating a total of 20,600 Bitcoin worth $1.38 billion that day. According to blockchain data analysis firm CryptoQuant, this period coincides with the spot Bitcoin exchange-traded funds being just six weeks old for Bitcoin whales.
What Is Happening on the Bitcoin Front?
June 11 also stands out as the largest entry day since February 28, when Bitcoin approached its all-time high. While Bitcoin whale account entries ranged between 1,300 and 2,200 Bitcoin per day, Bitcoin fell from $71,650 on June 7 to $69,000. The price dropped again days later, leading to a massive day on June 11 when 20,600 Bitcoin flowed into whale accumulation addresses.
Data for June 12, when Bitcoin’s price briefly rose following better-than-expected CPI results, has not yet been updated. At the time of writing, Bitcoin is trading at $67,500.
According to blockchain data analysis platform Santiment, this comes as Bitcoin’s supply on cryptocurrency exchanges drops to 942,000, the lowest level since December 22, 2021. The drop in Bitcoin reserves is generally seen as an indicator of a strengthening market where investors expect upward price movement in the medium to long term.
According to CoinGecko, Bitcoin is still trading 8.45% below its all-time high price of $73,737 set on March 13.
Notable Data for Ethereum
According to crypto analyst Ali Martinez, citing Santiment data, Ethereum whales recently purchased over 240,000 Ethereum worth approximately $840 million at current prices.
However, unlike Bitcoin, Santiment reported that the supply of Ethereum on cryptocurrency exchanges has increased in recent days. According to Santiment data, there are currently 17.98 million Ethereum worth $63.1 billion on cryptocurrency exchanges. Ethereum fell from $3,815 on June 7 to $3,510 at the time of writing, a decrease of 8%.
