Bitcoin and Ethereum Whales Capitalize on Crypto Market Fluctuations
Summary:
Amid a fluctuation in Bitcoin's price, Bitcoin 'whales' seized on the opportunity to buoy their holdings, purchasing 20,600 Bitcoins valued at $1.38 billion. The figures were the highest seen since February 28 and followed a trend of less dramatic increments with price drops. The supply of Bitcoin on cryptocurrency exchanges hit its lowest since December 2021, while Ethereum whales also stocked up on Ether notwithstanding an increase in its exchanges’ reserves.
As Bitcoin's price stumbled this past week on June 11, Bitcoin whales saw an opportunity and quickly snapped up 20,600 BTC valued at $1.38 billion. This data comes from CryptoQuant, a blockchain analytics company, which highlighted that this was the largest single day of accumulation by Bitcoin whales since February 28. Back then Bitcoin ETFs were relatively new and Bitcoin was on the verge of a record high. The transfers into these Bitcoin whale accounts ranged between 1,300 and 2,200 Bitcoins daily as Bitcoin's value dropped from $71,650 on June 7 to approximately $69,000. The price drop led to a significant accumulation day with 20,600 Bitcoins moving into whale accounts on June 11. Data for June 12 has not yet been updated, a day where Bitcoin experienced a brief price rise after CPI results exceeded expectations. Currently, Bitcoin trades at $67,500.
It's noteworthy to mention that the quantity of Bitcoin stocked on crypto exchanges has shrunk to 942,000 – the lowest since December 22, 2021, as reported by on-chain intelligence platform, Santiment. This decrease is often interpreted as an indication of a strengthening market and an expectation of a future price increase. However, Bitcoin is still 8.45% lower than its all-time high of $73,737 that was set on March 13, according to CoinGecko.
Concurrently, Ethereum whales have also been busy, having recently acquired more than 240,000 Ether valued at roughly $840 million at current rates. This insight is offered by industry analyst Ali Martinez, referencing Santiment's data.
Unlike Bitcoin, Ether's reserves on cryptocurrency exchanges has seen an increase in recent times. As per Santiment’s data, 17.98 million Ether, amounting to $63.1 billion are currently stored on cryptocurrency exchanges. Ether's value has decreased 8% from $3,815 on June 7 to $3,510 at present.
Published At
6/13/2024 8:23:22 AM
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