Bitcoin whales raised $1.38 billion during price crash

Bitcoin whales took full advantage of the price drop earlier in the week on June 11, amassing a total of 20,600 BTC (worth $1.38 billion) that day. Blockchain analytics company CryptoQuant notes that since February 28, spot Bitcoin exchange-traded funds (ETFs) have hit a new all-time high in just six weeks, making it the biggest entry day for Bitcoin whales.

The biggest Bitcoin whales since February

When Bitcoin fell from $71,650 to nearly $69,000 on June 7, daily inflows into Bitcoin whale accounts ranged from between 1,300 and 2,200 Bitcoins. Days later, the price dropped again and on June 11, 20,600 Bitcoins were moved to whale accumulation addresses.

Information shows that on June 12, Bitcoin’s price was more favorable than expected. CPI It has not been updated since its numbers rose intermittently. At the time of writing, the price of Bitcoin is currently at $67,500.

Reducing Bitcoin reserves: Strengthening the market

Onchain intelligence platform Santiment reports that the increase in whale behavior is matched by a decrease in the Bitcoin supply on cryptocurrency exchanges to 942,000, the lowest level since December 22, 2021. Decreasing Bitcoin reserves indicate an emerging market where investors expect increased price movement in the medium to long term.

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

Comparative patterns in Ethereum and Bitcoin whale activity

Ethereum whales were also active, just like Bitcoin whales were accumulating. According to Santiment data, department researcher Ali Martinez states that Ethereum whales purchased approximately 240,000 ETH, worth approximately $840 million at current prices. However, unlike Bitcoin, Santiment observed that the value of Ethereum has increased recently on cryptocurrency exchanges.

Santiment data shows that 17.98 million Ether (worth $63.1 billion) is currently held on cryptocurrency exchanges. Dropping from $3,815 on June 7 to $3,510 at the time of writing. ether, decreased by 8%.

These different trends in Bitcoin and Ethereum whale activity highlight the remarkable character of the dynamic cryptocurrency market, where various assets can show accumulation and distribution patterns.

This news was first published on the Coin Engineer website.