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Bitcoin whales took full advantage of the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price slump earlier this week on June 11, accumulating a combined 20,600 BTC worth $1.38 billion on the day.
<a href="https://cryptoquant.com/community/dashboard/65f31676afc8f17fcb7b9323?e=65f841c267c8123d48528db8" target="_blank" rel="noopener nofollow">According</a> to blockchain analytics firm CryptoQuant, it was <a href="https://cointelegraph.com/news/bitcoin-whale-accumulation-pre-2020-bull-run-highs-propel-btc-70k">the largest inflow day</a> for <a href="https://cointelegraph.com/news/what-are-bitcoin-whales-and-how-to-spot-them">Bitcoin whales</a> since Feb. 28, when spot Bitcoin exchange-traded funds were barely six weeks old, and BTC was approaching a new all-time high.
Inflows into <a href="https://cointelegraph.com/news/new-era-bitcoin-whales-47-000-btc-price-pullback">Bitcoin whale accounts</a> hovered between 1,300 and 2,200 Bitcoin per day as Bitcoin fell from $71,650 on June 7 to around $69,000. The price plummeted again days later, leading to a massive day with 20,600 Bitcoin flowing into whale accumulation addresses on June 11.
The data hasn’t yet been updated for June 12, which saw Bitcoin’s price briefly spike after better-than-expected CPI results. At the time of writing, Bitcoin is trading for $67,500.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/58907a80-1317-4773-87f5-1454add94e5d.png">
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 Change in Bitcoin’s price and inflows into Bitcoin whale accounts over the last month. Source: CryptoQuant.
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It comes as Bitcoin’s supply on cryptocurrency exchanges fell to 942,000 — its lowest level since Dec. 22, 2021, <a href="https://x.com/santimentfeed/status/1801059540416278740" target="_blank" rel="noopener nofollow">according</a> to onchain intelligence platform Santiment.
A fall in Bitcoin reserves often indicates a strengthening market where investors anticipate upward price action over the mid to long-term.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/86d8dc42-84c2-4102-8f2d-6275b9f6bd30.png">
 <figcaption style="text-align: center;">
 Change in supply of BTC, ETH and USDT on cryptocurrency exchanges. Source: Santiment
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<a href="https://cointelegraph.com/news/is-bitcoin-price-going-to-crash-again">Bitcoin is still down 8.45%</a> from its all-time high price of $73,737 set on March 13, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
<h3 id="ethereum-whales-aren-t-sleeping-either">Ethereum whales aren’t sleeping either</h3>
Ethereum whales have recently bought over 240,000 Ether <a href="https://cointelegraph.com/ethereum-price">(ETH)</a> worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/6660fab3-d259-4b34-af35-e0588b313a51.png">
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 Source: <a href="https://x.com/ali_charts/status/1800833424770621888" target="_blank" rel="noopener nofollow">Ali Martinez</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-federal-reserve-fomc-interest-rates-analysts">Analyst targets $91.5K Bitcoin next despite Fed’s ‘hawkish tone’</a>
However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges increased in recent days. 
There are currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges, according to Santiment data.
Ether is down 8% from $3,815 on June 7 to $3,510 at the time of writing. 
Magazine:<a href="https://cointelegraph.com/magazine/longevity-escape-velocity-jose-luis-cordeiro-biological-immortality-2030/"> Longevity expert: AI will help us become ‘biologically immortal’ from 2030</a>

Bitcoin whales scoop $1.4B in 24 hours this week amid market correction

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Cointelegraph

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