The biggest Bitcoin whales since February
When Bitcoin fell from $71,650 to nearly $69,000 on June 7, daily inflows into Bitcoin whale accounts ranged between 1,300 and 2,200 Bitcoins. Days later, the price dropped again and on June 11, 20,600 Bitcoins were moved to whale accumulation addresses.
The information has not been updated since June 12, when Bitcoin's price temporarily rose following better-than-expected CPI numbers. At the time of writing, Bitcoin's price is currently at $67,500.
Reducing Bitcoin reserves: Strengthening the market
Onchain intelligence platform Santiment reports that the increase in whale behavior is matched by a decrease in the Bitcoin supply on cryptocurrency exchanges to 942,000, which is the lowest level since December 22, 2021. Decreasing Bitcoin reserves indicate a rising market where investors expect increased price movement in the medium to long term.
CoinGecko reports that Bitcoin is still down 8.45% from its all-time high price of $73,737 reached on March 13.
Comparative patterns in Ethereum and Bitcoin whale activity
Ethereum whales were also active, just like Bitcoin whales were accumulating. According to Santiment data, industry researcher Ali Martinez states that Ethereum whales have purchased approximately 240,000 ETH, worth approximately $840 million at current prices. However, unlike Bitcoin, Santiment observed that the amount of Ethereum has increased recently on cryptocurrency exchanges.
Santiment data shows that 17.98 million Ether (worth $63.1 billion) is currently held on cryptocurrency exchanges. Ether fell by 8%, falling from $3,815 to $3,510 at the time of writing on June 7.
