Bitcoin whales scoop up $1.4B in 24 hours amid market correction

Brayden Lindrea3 hours agoBitcoin whales scoop up $1.4B in 24 hours amid market correctionThe huge and sudden uptick in Bitcoin whale accumulation came as Bitcoin supply on exchanges fell to its lowest level since December 2021.3075 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin whales took full advantage of the Bitcoin price slump on June 11, accumulating a combined 20,600 BTC worth $1.38 billion.

According to blockchain analytics firm CryptoQuant, it was the largest inflow day for Bitcoin whales since Feb. 28, when spot Bitcoin (BTC) exchange-traded funds (ETFs) were barely six weeks old and BTC approached a new all-time high.

Inflows into Bitcoin whale accounts hovered between 1,300 and 2,200 Bitcoin per day as Bitcoin fell from $71,650 on June 7 to around $69,000. The price plummeted again days later, leading to a massive day with 20,600 Bitcoin flowing into whale accumulation addresses on June 11.

The data hasn’t yet been updated for June 12, which saw Bitcoin’s price briefly spike after better-than-expected United States Consumer Price Index results. At the time of writing, Bitcoin is trading for $67,500.Change in Bitcoin’s price and inflows into Bitcoin whale accounts over the last month. Source: CryptoQuant.

It comes as Bitcoin’s supply on cryptocurrency exchanges fell to 942,000 — its lowest level since Dec. 22, 2021, according to onchain intelligence platform Santiment.

A fall in Bitcoin reserves often indicates a strengthening market where investors anticipate upward price action over the mid to long term.Change in supply of BTC, ETH and USDT on cryptocurrency exchanges. Source: Santiment

Bitcoin is still down 8.45% from its all-time high price of $73,737 set on March 13, according to CoinGecko.Ethereum whales aren’t sleeping either

Ethereum whales have recently bought over 240,000 Ether (ETH) worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.Source:Ali Martinez

Related:Analyst targets $91.5K Bitcoin next despite Fed’s ‘hawkish tone’

However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges has increased in recent days.

There is currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges, according to Santiment data.

Ether is down 8% from $3,815 on June 7 to $3,510 at the time of writing.

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