KEY POINTS
According to blockchain analytics firm CryptoQuant, June 11 saw the largest influx of Bitcoin into whale accounts since February 28. Back then, spot Bitcoin ETFs were just six weeks old, and BTC was nearing a new all-time high.
Whale Activities Influence BTC Price
As Bitcoin’s price dropped from $71,650 on June 7 to around $69,000, whale inflows ranged between 1,300 and 2,200 Bitcoin per day. The price plunged again a few days later, culminating in 20,600 Bitcoin flowing into whale accounts on June 11.
The data for June 12 hasn’t been updated yet, but that day saw a brief price spike after better-than-expected U.S. Consumer Price Index results. As of writing, Bitcoin was trading at $67,500.
This influx coincides with Bitcoin’s supply on cryptocurrency exchanges dropping to 942,000. This is its lowest since December 22, 2021, as reported by on-chain intelligence platform Santiment.
A decline in Bitcoin reserves typically signals a stronger market with investors expecting prices to rise in the mid to long term. BTC remains 8.45% below its all-time high of $73,737 set on March 13, according to CoinGecko.
Ethereum Whales are Also Active
Ethereum whales have recently acquired over 240,000 Ether, valued at nearly $840 million at current prices, based on Santiment data cited by industry analyst Ali Martinez.
Unlike Bitcoin, the supply of Ether on cryptocurrency exchanges has increased in recent days.
Currently, 17.98 million Ether (worth $63.1 billion) is held on cryptocurrency exchanges, according to Santiment data. Ether’s price has dropped 8% from $3,815 on June 7 to $3,496 at present.
