Bitcoin ETF

Bitcoin

Strong

<img decoding="async" width="1200" height="801" src="https://coingape.com/wp-content/uploads/2024/02/bitcoin-cryptocurrency-trader-e1716367663564.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin News: Whales Scoop $636M In Single Day, What's Next For BTC Price?" style="float:right; margin:0 0 10px 10px;">
The Bitcoin (BTC) price attempted a breakout above $70,000 after the lower-than-expected <a href="https://coingape.com/markets/bitcoin-price-80000-per-btc-beckons-on-softer-us-cpi-inflation-data/" target="_blank" rel="noopener">CPI numbers</a> and signs of cooling inflation. However, the bulls haven’t been able to sustain the move as BTC collapsed back to $67,400 levels as of press time. But the good thing is that the Bitcoin whales have been accumulating in good quantity at every dip over the past week. 
<h3 id="bitcoin-whales-on-strong-accumulation">Bitcoin Whales on Strong Accumulation</h3> 
As per the recent data from CryptoQuant, over 20,000 Bitcoins have recently flowed into the whale wallets during the recent market correction earlier this week. This shows that large investors have been capitalizing on every dip in the market while increasing their holdings simultaneously. 
<figure id="attachment_202073" aria-describedby="caption-attachment-202073" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-202073" src="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation.webp" alt="" width="1280" height="720" srcset="https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation.webp 1280w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation-300x169.webp 300w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation-1224x689.webp 1224w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation-768x432.webp 768w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation-678x381.webp 678w, https://coingape.com/wp-content/uploads/2024/06/Bitcoin-Whale-Accumulation-150x84.webp 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-202073" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://cryptoquant.com/insights/quicktake/666981d023b047232b32fa7e-Bitcoin-Are-the-whales-still-buying" target="_blank">CryptoQuant</a>
 </figcaption>
</figure> 
Thus, taking advantage of these market fluctuations, Bitcoin whales have seized the opportunity of BTC price corrections to boost their reserves. As CoinGape reported, the <a href="https://coingape.com/bitcoin-miner-capitulation-can-extend-btc-price-drop-to-62500/" target="_blank" rel="noopener">Bitcoin miners</a>, on the other hand, have been liquidating their holdings to compensate for the drop in their profits after the halving. This has led to continued selling pressure on the BTC price. 
At the same time, the US Bitcoin ETFs witnessed strong inflows over the past three weeks. After two days of net outflows earlier this week, the Bitcoin ETF inflows have resumed once again. 
On Wednesday, June 12, the spot Bitcoin ETFs recorded a net inflow of $101 million. The Grayscale GBTC outflows have stopped again with Fidelity’s FBTC ETF leading the chart registering a daily inflow of $50.6 million. 
<h3 id="btc-exchange-supply-drops-to-3-months-low">BTC Exchange Supply Drops to 3 Months Low</h3> 
As per the on-chain data provider Santiment, the total Bitcoin supply on exchanges has dropped under 1 million to 942,000 Bitcoins, for the first time since in nearly three years since December 2021. 
The reduced Bitcoin supply on exchanges shows there’s a lower risk of any significant price drop, due to the limited available supply for sale. Thus, Bitcoin’s constrained supply at the exchange highlights a more stable outlook for the broader cryptocurrency market. 
<figure id="attachment_202074" aria-describedby="caption-attachment-202074" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-202074" src="https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply.jpeg" alt="" width="2503" height="1750" srcset="https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply.jpeg 2503w, https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply-300x210.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply-1224x856.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply-768x537.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply-1536x1074.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply-2048x1432.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/06/BTC-Exchange-Supply-150x105.jpeg 150w" sizes="(max-width: 2503px) 100vw, 2503px">
 <figcaption id="caption-attachment-202074" class="wp-caption-text">
 Courtesy: Santiment
 </figcaption>
</figure> 
Furthermore, as reported by CoinGape, the short-term sentiment for <a href="https://coingape.com/bitcoin-short-term-investment-hits-new-highs-with-etf-popularity/" target="_blank" rel="noopener">Bitcoin investments</a> has surged by 55% ever since the arrival of the spot Bitcoin ETFs earlier this year. 
As of press time, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> is trading at $67,500 levels. On the downside, $67,000 remains a crucial support breaking which can open the gates to a correction to $65,000 and $62,500 subsequently. 
The post <a href="https://coingape.com/bitcoin-whales-buy-the-dips-with-btc-exchange-supply-at-3-year-low/">Bitcoin Whales Buy The Dips With BTC Exchange Supply At 3-Year Low</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Whales Buy The Dips With BTC Exchange Supply At 3-Year Low

Table of Contents

Coingape News Media

Other articles published on Jun 13, 2024

Riot’s $950 Million Buyout Met with Resistance by Bitfarms

Stocks to Watch Today: Tesla, Paramount, and Broadcom

3 Ways to Make Money with Bitcoin

Makin Canggih, Ripple Labs Resmi Hadirkan EVM di XRP Ledger

MicroStrategy Raises $500M to Buy Bitcoin

Stablecoin Issuer Circle Expands Web3 Services To Solana, Launches Programmable Wallets And Gas S...

Join our free newsletter for daily crypto updates!