Ethereum

Bitcoin

Drops

Terra

Read

<ul>
 <li>Bitcoin whales buy 20,600 BTC as the market shows volatility.</li>
 <li>BTC exchange reserves hit the lowest point since Dec 2021.</li>
 <li>Ethereum sees rising reserves as whales buy 240,000 ETH.</li>
</ul>
In a striking display of market agility, Bitcoin whales have capitalized on recent price dips, amassing an impressive 20,600 BTC, valued at approximately $1.38 billion, within just 24 hours. This surge in accumulation activities marks the largest single-day purchase by these major investors since late February, underscoring a keen strategic response to fluctuating market conditions.
Market Dynamics and Whale Activity
As Bitcoin’s valuation slid from a peak of $71,650 to around $69,000, whale accounts saw inflows ranging from 1,300 to 2,200 BTC daily. The spike in acquisitions coincided with Bitcoin’s price adjustment on June 11, following a brief uplift in response to favourable U.S. economic data. At press time, Bitcoin trades near $67,600, reflecting a cautious market sentiment.
Data from <a href="https://cryptoquant.com/community/dashboard/65f31676afc8f17fcb7b9323?e=65f841c267c8123d48528db8" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a> highlights that this recent accumulation is the most substantial since the nascent days of Bitcoin spot ETFs, suggesting robust confidence among large-scale holders despite the market’s short-term volatility.
Shifts in Cryptocurrency Exchange Reserves
Simultaneously, Bitcoin’s presence on cryptocurrency exchanges has <a href="https://twitter.com/santimentfeed/status/1801059540416278740" target="_blank" rel="noopener noreferrer nofollow">diminished</a>, reaching its lowest since December 2021. This trend typically indicates a bullish outlook among investors, expecting potential price increases over the medium to long term. Currently, the exchange reserves stand at 942,000 BTC.
Moreover, the Ethereum market also exhibits significant activity, with whales purchasing over 240,000 ETH, worth nearly $840 million. Unlike Bitcoin, Ethereum’s exchange reserves have seen a slight increase, hosting approximately 17.98 million ETH.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Whales have bought over 240,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> during the recent <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> price dip, totaling around $840 million! <a href="https://t.co/j5jnxJul4q" rel="noopener noreferrer nofollow">pic.twitter.com/j5jnxJul4q</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1800833424770621888?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 12, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Market Outlook and Analysis
Despite the current downturn, where Bitcoin remains down 8.45% from its all-time high, and Ethereum has decreased by 8% since early June, the aggressive acquisition strategies by whales suggest a potential reversal in trends might be on the horizon.
As the cryptocurrency landscape continues to evolve, the actions of these substantial investors will remain a critical point of focus for market analysts and participants alike, offering insights into future market directions and investor sentiments.
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/binance-exchange-leads-in-the-number-of-bitcoin-reserves/" rel="noopener noreferrer nofollow">Binance Exchange Leads in The Number of Bitcoin Reserves</a></li>
 <li><a href="https://cryptonewsland.com/terra-adds-another-1-5b-in-bitcoin-reserves/" rel="noopener noreferrer nofollow">Terra Adds Another $1.5B in Bitcoin Reserves</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-btc-reserves-steadily-drops-in-exchanges/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Reserves Steadily Drops in Exchanges</a></li>
 <li><a href="https://cryptonewsland.com/exchange-reserves-to-the-downside-makes-a-4-5-year-low/" rel="noopener noreferrer nofollow">Exchange Reserves to the Downside, Makes a 4.5-Year Low</a></li>
 <li><a href="https://cryptonewsland.com/here-are-the-exchanges-with-published-proof-of-reserves-so-far/" rel="noopener noreferrer nofollow">Here Are the Exchanges With Published Proof of Reserves So Far</a></li>
</ul>
The post <a href="https://cryptonewsland.com/bitcoin-whales-acquire-1-38b-in-btc-amid-market-dip/" rel="noopener noreferrer nofollow">Bitcoin Whales Acquire $1.38B in BTC Amid Market Dip</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Bitcoin Whales Acquire $1.38B in BTC Amid Market Dip

Crypto News Land

Other articles published on Jun 13, 2024

Bitcoin Miners Are Selling, Will High Liquidity Derail BTC To ATH Push?

Meme Coins Take Over the Market – Top Meme Coins That Whales Are Accumulating Now

Bitcoin Is “Exponential Gold,” Fidelity Exec Says

Crypto Just Got Hungrier: DevourGO Now Accepts Payments via Coinbase Commerce

IO Trending In Top AI Token & AIAT Trending Coin Of Last 24 Hours

Bitcoin ETFs Back to Inflows

Join our free newsletter for daily crypto updates!