In a significant development for Bitcoin whales, a massive influx of capital was recorded on June 11, marking the largest since February 28. A staggering 20,600 Bitcoin found its way into whale accumulation addresses, amounting to approximately $1.38 billion. This surge in accumulation comes as Bitcoin prices experienced a dip, providing an opportune moment for whales to capitalize on the market.
Despite the drop in Bitcoin price from $71,650 to around $69,000 on June 7, the inflows into whale accounts remained consistent, ranging from 1,300 to 2,200 Bitcoin daily. However, on June 11, a notable spike was witnessed with the arrival of 20,600 Bitcoin into whale addresses, signaling a strong bullish sentiment among Bitcoin whales.
The optimism among Bitcoin whales is further reinforced by the data from June 12, when Bitcoin prices briefly surged following positive US CPI results. According to Santiment, a leading onchain intelligence platform, the supply of Bitcoin on cryptocurrency exchanges plummeted to 942,000, the lowest level since December 22, 2021. Currently, Bitcoin is trading at $67,720 as per CMC data, indicating a positive trend in the market.
Meanwhile, Ethereum whales have also been active in the market, with recent data revealing purchases of over 240,000 Ether, equivalent to approximately $840 million at current rates. However, unlike Bitcoin, the supply of Ethereum on exchanges has actually increased in recent days. Santiment data indicates that there are currently 17.98 million Ether, valued at $63.1 billion, held by cryptocurrency exchanges.
Overall, the surge in capital influx for Bitcoin whales, coupled with the strategic moves of Ethereum whales, paints a picture of a growing market where investors are anticipating future price hikes. The dynamics of the cryptocurrency market continue to evolve, with whales playing a crucial role in shaping the landscape.