YEREVAN (CoinChapter.com) — Bitcoin whales seized the opportunity presented by the recent price slump on June 11, accumulating 20,600 BTC worth $1.38 billion. This was the largest single-day inflow for Bitcoin whales since February 28, according to blockchain analytics firm CryptoQuant.
The surge in whale activity coincided with Bitcoin’s supply on exchanges dropping to its lowest level since December 2021. On June 7, Bitcoin’s price fell from $71,650 to around $69,000, leading to daily inflows of 1,300 to 2,200 BTC.
Bitcoin Whales Buy, Supply on Exchanges Hits Lowest Level Since 2021
Santiment, an on-chain intelligence platform, reported that the Bitcoin supply on cryptocurrency exchanges dropped to 942,000 BTC, the lowest since December 22, 2021. This reduction in exchange reserves often signals a stronger market, as investors anticipate price increases over the medium to long term.
When fewer Bitcoins are available for trading, it suggests that holders are moving their assets to private wallets, expecting a price rise.
Ethereum Whales Increase Holdings
Bitcoin wasn’t the only cryptocurrency seeing major whale activity. Ethereum whales also made significant moves, purchasing over 240,000 Ether worth nearly $840 million at current prices. Industry analyst Ali Martinez, citing Santiment data, highlighted this accumulation trend.
Unlike Bitcoin, the supply of Ether on exchanges has increased recently. Santiment data shows that 17.98 million Ether, valued at $63.1 billion, is currently held on exchanges. This increase contrasts with the declining Bitcoin reserves.
Market Reactions to U.S. Consumer Price Index Results
The data from June 12 revealed that Bitcoin’s price briefly spiked following better-than-expected United States Consumer Price Index (CPI) results. At the time of writing, Bitcoin is trading at $67,541.85.
Bitcoin’s price is still down 8.45% from its all-time high of $73,737, set on March 13, according to CoinGecko.
