Bitcoin whales capitalized on the recent drop in Bitcoin prices on June 11, accumulating a total of 20,600 BTC valued at $1.38 billion. According to data from blockchain analytics firm CryptoQuant, this marked the largest inflow day for Bitcoin whales since February 28, when BTC exchange-traded funds were still in their infancy and Bitcoin was nearing an all-time high.
During the period when Bitcoin prices decreased from $71,650 on June 7 to around $69,000, there were consistent inflows ranging between 1,300 and 2,200 Bitcoin per day into whale accounts. However, a significant spike occurred on June 11, with a massive 20,600 Bitcoin flowing into whale accumulation addresses.
As of now, the data has not been updated for June 12, when Bitcoin briefly surged in price following positive results in the United States Consumer Price Index. Currently, Bitcoin is trading at $67,500.
This surge in Bitcoin accumulation by whales coincides with a decrease in Bitcoin supply on cryptocurrency exchanges to 942,000, the lowest level since December 22, 2021, according to onchain intelligence platform Santiment. A reduction in Bitcoin reserves typically indicates a bullish market sentiment where investors are anticipating an increase in prices in the medium to long term.
Despite the price drop of 8.45% from its all-time high of $73,737 on March 13, Bitcoin whales are not the only ones active in the market. Ethereum whales have also been busy, acquiring over 240,000 Ether valued at nearly $840 million at current prices. However, unlike Bitcoin, the supply of Ether on exchanges has seen an increase in recent days.
Currently, there are 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges, according to Santiment data. The price of Ether has decreased by 8% from $3,815 on June 7 to $3,510 at the time of writing.
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