Bitcoin whales paid $1.4 billion in 24 hours in a market correction.
Bitcoin Wales took full advantage of Bitcoin's price drop on June 11th and collected 20,600 BTC worth $1.38 billion.
According to blockchain analytics firm CryptoQuant, it was the biggest inflow day for Bitcoin whales since February 28 for Bitcoin (BTC) exchange-traded funds (ETFs), less than six weeks old, and BTC nearing new all-time highs.
On June 7, when Bitcoin fell from $71,650 to $69,000, inflows into Bitcoin Well accounts hovered between 1,300 and 2,200 Bitcoin per day. The price dropped again days later, leading to a big day on June 11 with 20,600 bitcoins entering Well stock addresses.
The data has not yet been updated for June 12, when the price of Bitcoin rose briefly after the expected results of the United States Consumer Price Index. At the time of writing, Bitcoin is trading at $67,500.
According to onchain intelligence platform Santiment, the supply of Bitcoin on cryptocurrency exchanges fell to 942,000 – the lowest level since December 22, 2021.
Falling Bitcoin stocks usually indicate a consolidating market where investors expect medium- to long-term price action.
According to CoinGecko, Bitcoin is still down 8.45% from its March 13 high of $73,737.
Ethereum whales don't sleep either.
Ethereum whales have recently bought more than 240,000 Ether (ETH), which at current prices is about $840 million, industry analyst Ali Martinez, citing Santiment data.
Related: Despite Fed's ‘hawkish tone', analyst next targets $91.5K Bitcoin
However, unlike Bitcoin, Santiment has increased the supply of Ether on cryptocurrency exchanges in recent days.
Currently, 17.98 million ether (worth $63.1 billion) is held on the cryptocurrency exchange, according to Santiment data.
Ether fell 8% at the time of writing from $3,815 to $3,510 on June 7.
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