Ethereum

Accumulate

Bitcoin

when

Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-whales-accumulate-large-amounts-after-price-drop/" data-wpel-link="internal">Bitcoin Whales Accumulate Large Amounts After Price Drop</a> 
Bitcoin whales took a significant hit from the Bitcoin price drop on June 11 and attracted attention by accumulating a total of 20,600 Bitcoin worth $1.38 billion that day. According to blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> firm CryptoQuant, this period coincides with the spot Bitcoin exchange-traded funds being just six weeks old for Bitcoin whales. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-bitcoin-front">What Is Happening on the Bitcoin Front?</h2> 
June 11 also stands out as the largest entry day since February 28, when Bitcoin approached its all-time high. While Bitcoin whale account entries ranged between 1,300 and 2,200 Bitcoin per day, Bitcoin fell from $71,650 on June 7 to $69,000. The price dropped again days later, leading to a massive day on June 11 when 20,600 Bitcoin flowed into whale accumulation addresses. 
Data for June 12, when Bitcoin’s price briefly rose following better-than-expected CPI results, has not yet been updated. At the time of writing, Bitcoin is trading at $67,500. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361923 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/btc-2.webp" alt="" width="939" height="574"> 
According to blockchain data analysis platform Santiment, this comes as Bitcoin’s supply on <a href="https://en.coin-turk.com/ftx-exchange-shakes-up-crypto-market-with-new-claims-process/" data-wpel-link="internal">cryptocurrency exchanges</a> drops to 942,000, the lowest level since December 22, 2021. The drop in Bitcoin reserves is generally seen as an indicator of a strengthening market where <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> expect upward price movement in the medium to long term. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361921" src="https://coin-turk.com/wp-content/uploads/2024/06/santiment-1.webp" alt="" width="500" height="513"> 
According to CoinGecko, Bitcoin is still trading 8.45% below its all-time high price of $73,737 set on March 13. 
<h2 class="p1" style="text-align: justify" id="notable-data-for-ethereum">Notable Data for Ethereum</h2> 
According to crypto analyst Ali Martinez, citing Santiment data, Ethereum whales recently purchased over 240,000 Ethereum worth approximately $840 million at current prices. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361920" src="https://coin-turk.com/wp-content/uploads/2024/06/ali.webp" alt="" width="500" height="428"> 
However, unlike Bitcoin, Santiment reported that the supply of Ethereum on cryptocurrency exchanges has increased in recent days. According to Santiment data, there are currently 17.98 million Ethereum worth $63.1 billion on cryptocurrency exchanges. Ethereum fell from $3,815 on June 7 to $3,510 at the time of writing, a decrease of 8%. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-whales-accumulate-large-amounts-after-price-drop/" data-wpel-link="internal">Bitcoin Whales Accumulate Large Amounts After Price Drop</a></h5>

Bitcoin Whales Accumulate Large Amounts After Price Drop

Table of Contents

COINTURK NEWS

Other articles published on Jun 13, 2024

Coinbase Lists Two Cryptocurrencies

Curve DAO Token crashes 30%, Here’s how

Curve Founder Michael Egorov Risks Liquidation: CRV Drops 35%

MoonBag Crypto Rallying High: As BCH and BITBOT Face Resistance, $MBAG Gears Up for $0.25 Value b...

NEAR Foundation’s spin-off Nuffle Labs raises $13 million

Becoming a Crypto Millionaire: Bonk (BONK), Polygon (MATIC) and Rebel Satoshi Arcade (RECQ)

Join our free newsletter for daily crypto updates!