As Bitcoin’s market price dipped on June 11, deep-pocketed investors, or “Bitcoin whales” as they are fondly called, swooped in to stockpile. Collectively, they purchased 20,600 Bitcoins, an investment approximating $1.38 billion. This surge in Bitcoin accumulation by whales is the highest since February 28, an era when Bitcoin was reaching an all-time peak, and Bitcoin-focused exchange-traded funds (ETFs) were just making their mark.
The accumulation coincided with a period of daily Bitcoin inflows into whale accounts, ranging between 1,300 and 2,200, while Bitcoin’s price tapered down from its June 7 high of $71,650 to around $69,000. The dip observed a few days later culminated in an enormous single-day inflow of 20,600 Bitcoins into whale accounts on June 11. As it stands, Bitcoin is trading at around $67,500.
Interestingly, this massive whale move coincides with an unprecedented decrease in Bitcoin supply on cryptocurrency exchanges — to about 942,000 Bitcoins, a record low since December 22, 2021. Experts suggest such a situation often signals an optimistic market where investors forecast positive price movement over a moderate-to-long term.
Regardless, Bitcoin’s current value still hovers 8.45% beneath its all-time high of $73,737 which was recorded on March 13, CoinGecko confirms.
On another note, Ethereum whales have also demonstrated similar buying activity. As per industry analyst Ali Martinez’s interpretation of Santiment data, Ethereum whales have recently accumulated over 240,000 Ether coins, valued roughly at $840 million.
However, unlike Bitcoin, the supply of Ether on exchanges has seen recent escalation. As of now, exchanges are reportedly holding about 17.98 million Ether coins, an estimate worth $63.1 billion.
Presently, Ether’s price dropped from $3,815 on June 7 to $3,510, a reduction of approximately 8%.