Bank

Bitcoin

Resistance

Drops

Captain

<p>The post <a href="https://coinpedia.org/news/bitcoin-whales-buy-the-dip-supply-on-exchanges-drops-to-lowest-level-since-december-2022/">Supply Shrinks as Bitcoin Whales Accumulate: Should You Buy the Dip Now?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Crypto bulls, are you taking note? Bitcoin is on the move! </p> 
<p>The Bitcoin (BTC) supply on centralized cryptocurrency exchanges has been steadily decreasing over the past few months. Recent global events have encouraged significant accumulation of the flagship cryptocurrency, making it an exciting time for investors. For example, the fourth Bitcoin halving has successfully reduced the coin’s annual inflation rate to below 2%.</p> 
<p>Several spot Bitcoin exchange-traded funds (ETFs) have gained approval across various jurisdictions, leading to the accumulation of over 1 million coins, accounting for about 5% of the total Bitcoin supply. On Wednesday, Fidelity’s FBTC led US spot Bitcoin ETFs, attracting $50.6 million in cash inflows, resulting in a net inflow of approximately $100.8 million.</p> 
<p>Keep reading to discover what’s driving this Bitcoin bonanza and how it could impact the price in the coming months.</p> 
<h2 class="wp-block-heading" id="h-institutions-are-taking-note">Institutions are Taking Note!</h2> 
<p>On-chain data from Santiment shows that Bitcoin’s supply on exchanges has dropped to multi-year lows of approximately 942,000 coins. This significant decline coincides with increased regulatory clarity worldwide, attracting more institutional investors.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f60e.png" alt="😎" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin's supply on exchanges has now dropped to its lowest level since December, 2021 (~942K coins). Meanwhile, Ethereum and Tether are moving back on. Historically, there is less drop-off risk for all of crypto while <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>'s available supply to be sold is limited. <a href="https://t.co/vGv0q6esxx">pic.twitter.com/vGv0q6esxx</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1801059540416278740?ref_src=twsrc%5Etfw">June 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Brazil’s largest bank, Itau Unibanco, launched crypto trading for all customers on Wednesday, marking a major step in mainstream adoption.</p> 
<h2 class="wp-block-heading" id="h-crypto-whales-increase-their-holdings">Crypto Whales Increase Their Holdings</h2> 
<p>Data from CryptoQuant revealed that over 20,000 Bitcoins were transferred to addresses associated with crypto whales in recent days, following increased market volatility. This suggests that large investors are taking advantage of price fluctuations to increase their holdings.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>: Are whales still buying?<br><br>“More than 20,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> flow to whale wallets. It appears that the whales took advantage of yesterday’s correction in Bitcoin and accumulated additional quantities.” – By <a href="https://twitter.com/abramchart?ref_src=twsrc%5Etfw">@abramchart</a> <br><br>Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/OAXOA5uBFz">https://t.co/OAXOA5uBFz</a> <a href="https://t.co/KUDnP6BVyb">pic.twitter.com/KUDnP6BVyb</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1800887936206123400?ref_src=twsrc%5Etfw">June 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The potential for interest rate cuts in the United States later this year, driven by upcoming elections and similar actions by the European Central Bank (ECB) and the Bank of Canada, has increased overall bullish sentiment in the crypto market.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-trends-and-future-projections">Bitcoin Price Trends and Future Projections</h2> 
<p>Bitcoin’s price has fluctuated between $61,000 and $72,000 over the past four months without a clear breakout. According to popular crypto analyst Captain Faibik, Bitcoin needs to consistently close above $72,000 to trigger a rally towards $90,000 in the near term.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Descending Broadening Wedge on the Daily Timeframe Chart is Still in Play.<br><br>Bitcoin bulls need to clear the $71.3k Resistance to confirm the breakout.<br><br>Once the wedge breakout happens, the bulls' party will start. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/uqsQGVcEaH">pic.twitter.com/uqsQGVcEaH</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1801119572327846369?ref_src=twsrc%5Etfw">June 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p><strong>With institutions entering the game and whales accumulating, is this your chance to Buy the Dip? Do your own research before making any investment decisions.</strong></p>

Supply Shrinks as Bitcoin Whales Accumulate: Should You Buy the Dip Now?

Table of Contents

CoinPedia News

Other articles published on Jun 13, 2024

Roaring Kitty influence? GME flips DOGE, SHIB with 24% spike

Bitcoin reaches transaction highs as active addresses drop

Analysts Predict MoonBag Crypto at $0.25 by November 2024, Drawing Chainlink and BitBot Investors...

Trump’s Strategy: Transforming the USA into a Bitcoin Mining Hub

Fed’s Rate Predictions Impact Altcoin Market

BlockDAG: The New Top Crypto Choice With $49.2M Presale Success Amid Litecoin’s Challenges And Et...

Join our free newsletter for daily crypto updates!