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

Bitcoin whales took full advantage of the Bitcoin price slump on June 11, accumulating a combined 20,600 BTC worth $1.38 billion.

According to blockchain analytics firm CryptoQuant, it was the largest inflow day for Bitcoin whales since Feb. 28, when spot Bitcoin ( BTC ) exchange-traded funds (ETFs) were barely six weeks old and BTC approached a new all-time high.

Inflows into Bitcoin whale accounts 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 United States Consumer Price Index results. At the time of writing, Bitcoin is trading for $67,500.

It comes as Bitcoin’s supply on cryptocurrency exchanges fell to 942,000 — its lowest level since Dec. 22, 2021, according 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.

Bitcoin is still down 8.45% from its all-time high price of $73,737 set on March 13, according to CoinGecko.

Ethereum whales aren’t sleeping either

Ethereum whales have recently bought over 240,000 Ether ( ETH ) worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.

Related: Analyst targets $91.5K Bitcoin next despite Fed’s ‘hawkish tone’

However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges has increased in recent days.

There is 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.

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