Bitcoin Whales Purchase $1.4B in 24 Hours During Market Correction

A significant increase in Bitcoin whale activity coincided with Bitcoin’s supply on exchanges dropping to its lowest point since December 2021.

On June 11, Bitcoin whales capitalized on the price drop, amassing a total of 20,600 BTC valued at $1.38 billion.

Blockchain analytics firm CryptoQuant reported that this marked the largest single-day inflow for Bitcoin whales since February 28. This previous record occurred shortly after the launch of spot Bitcoin exchange-traded funds (ETFs) and as BTC neared a new all-time high.

During the price decline from $71,650 on June 7 to around $69,000, daily inflows into Bitcoin whale accounts ranged between 1,300 and 2,200 BTC. The price dropped further, leading to a significant spike in whale accumulation on June 11, with 20,600 BTC moving into these accounts.

Data for June 12 has yet to be updated, although Bitcoin’s price briefly surged following positive United States Consumer Price Index results. As of now, Bitcoin is trading at $67,500.

This activity coincides with Bitcoin’s supply on cryptocurrency exchanges falling to 942,000, the lowest level since December 22, 2021, according to on-chain intelligence platform Santiment.

A decrease in Bitcoin reserves typically signals a stronger market, with investors expecting upward price movement in the medium to long term.

Bitcoin remains 8.45% below its all-time high of $73,737, which was reached on March 13, according to CoinGecko.

Ethereum Whales Are Active Too

Ethereum whales have also been busy, purchasing over 240,000 ETH worth nearly $840 million at current prices, according to industry analyst Ali Martinez, who cited Santiment data.

In contrast to Bitcoin, the supply of Ether on cryptocurrency exchanges has increased recently, according to Santiment.

Currently, 17.98 million ETH (worth $63.1 billion) are held on cryptocurrency exchanges, based on Santiment data.

Ether has dropped 8% from $3,815 on June 7 to $3,510 at the time of writing.