Ethereum

Bitcoin

when

Change

Bitcoin whales took full advantage of the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price slump earlier this week on June 11, accumulating a combined 20,600 BTC worth $1.38 billion on the day.
<a href="https://cryptoquant.com/community/dashboard/65f31676afc8f17fcb7b9323?e=65f841c267c8123d48528db8" target="_blank" rel="noopener nofollow">According</a> to blockchain analytics firm CryptoQuant, it was <a href="https://cointelegraph.com/news/bitcoin-whale-accumulation-pre-2020-bull-run-highs-propel-btc-70k">the largest inflow day</a> for <a href="https://cointelegraph.com/news/what-are-bitcoin-whales-and-how-to-spot-them">Bitcoin whales</a> since Feb. 28, when spot Bitcoin exchange-traded funds were barely six weeks old, and BTC was approaching a new all-time high.
Inflows into <a href="https://cointelegraph.com/news/new-era-bitcoin-whales-47-000-btc-price-pullback">Bitcoin whale accounts</a> 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 CPI results. At the time of writing, Bitcoin is trading for $67,500.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/58907a80-1317-4773-87f5-1454add94e5d.png">
 <figcaption style="text-align: center;">
 Change in Bitcoin’s price and inflows into Bitcoin whale accounts over the last month. Source: CryptoQuant.
 </figcaption>
</figure>
It comes as Bitcoin’s supply on cryptocurrency exchanges fell to 942,000 — its lowest level since Dec. 22, 2021, <a href="https://x.com/santimentfeed/status/1801059540416278740" target="_blank" rel="noopener nofollow">according</a> 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.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/86d8dc42-84c2-4102-8f2d-6275b9f6bd30.png">
 <figcaption style="text-align: center;">
 Change in supply of BTC, ETH and USDT on cryptocurrency exchanges. Source: Santiment
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/is-bitcoin-price-going-to-crash-again">Bitcoin is still down 8.45%</a> from its all-time high price of $73,737 set on March 13, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
<h3 id="ethereum-whales-aren-t-sleeping-either">Ethereum whales aren’t sleeping either</h3>
Ethereum whales have recently bought over 240,000 Ether <a href="https://cointelegraph.com/ethereum-price">(ETH)</a> worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/6660fab3-d259-4b34-af35-e0588b313a51.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/ali_charts/status/1800833424770621888" target="_blank" rel="noopener nofollow">Ali Martinez</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-federal-reserve-fomc-interest-rates-analysts">Analyst targets $91.5K Bitcoin next despite Fed’s ‘hawkish tone’</a>
However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges increased in recent days. 
There are 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. 
Magazine:<a href="https://cointelegraph.com/magazine/longevity-escape-velocity-jose-luis-cordeiro-biological-immortality-2030/"> Longevity expert: AI will help us become ‘biologically immortal’ from 2030</a>

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

Table of Contents

Cointelegraph

Other articles published on Jun 13, 2024

The EURO24Meme Presale Is Officially Live!

US Crypto Talent Declines Amidst Surge in Blockchain Adoption

Terra Tokens Make A Move! LUNC And LUNA Tokens To Surge Amid SEC Settlement?

Ethereum 'Bears Win For Now' But Does That Mean Markets Are 'Heavily Manipulated?'

Crypto Regulations in Vietnam 2024

BlockDAG's X1 Mining App Boosts Crypto Standing: $49.2M Presale Success, Tackling TRX Staking and...

Join our free newsletter for daily crypto updates!