Bitcoin whales capitalized on a recent price drop, buying a hefty 20,600 BTC valued at $1.38 billion in a single day, according to CryptoQuant. This marked the largest influx into whale wallets since early 2022, highlighting strong accumulation during Bitcoin’s dip from $7,650 to around $69,000.
The latest data, up to June 11, shows this surge in whale activity. Currently, Bitcoin trades at about $67,500, still below its peak of $73,737 in March.
Interestingly, Bitcoin’s exchange supply dropped to 942,000 BTC, the lowest since late 2021. This decrease often suggests bullish market sentiment, where investors foresee potential price increases.
Meanwhile, Ethereum whales recently acquired over 240,000 ETH, worth nearly $840 million, contrasting Bitcoin’s scenario. Santiment reports an increase in Ethereum supply on exchanges lately, totaling 17.98 million ETH, valued at $63.1 billion.
As of now, Ethereum trades at $3,510, down from $3,815 earlier in June. Overall, despite recent fluctuations, both Bitcoin and Ethereum continue to draw attention from significant investors, signaling varied market behaviors between the two major cryptocurrencies.
Bitcoin and Ethereum have shown contrasting trends in recent whale activity. Bitcoin’s significant accumulation during price dips indicates strong investor confidence, supported by a decrease in exchange supply. Meanwhile, Ethereum’s increase in exchange supply despite whale acquisitions suggests a more fluid market sentiment. How might these contrasting behaviors impact future price movements?
Also Read: Bitcoin Price Skyrockets Past $69,000 Following Stable US CPI Data
