Since Tuesday, Bitcoin whales have collectively accumulated 20,580 BTC, estimated to be worth $1.4 billion. Blockchain analytics company CryptoQuant said in its Thursday report that the BTC market had not seen such massive 3-day inflows since last February when Bitcoin spot Exchange-Traded Funds were only about five weeks old.
For beginners, Bitcoin whales are entities or individuals holding at least 1,000 BTC. They started accumulating Bitcoin on June 11th after the coin reversed from the $70,000 resistance level. However, their buying activity wasn’t enough to stop Bitcoin from plummeting below $67,000.
But the digital asset rallied briefly on Wednesday thanks to the positive Consumer Price Index report, which showed that inflation was declining. As of this writing, BTC is trading at $67,372, down 2.1% in the past 24 hours and 8.4% from its all-time high ($73,743) recorded in mid-March.
Meanwhile, Bitcoin whales’ intense buying activity is happening as BTC supply on centralized exchanges drops to 941,000 for the first time since December 2021. Onchain intelligence firm Santiment says the drop in Bitcoin supply on exchanges is a bullish sign as it indicates investors are optimistic that an upward move will happen in the future.
Ethereum Whales Accumulate More ETH
Ethereum whales have not been left behind. Santiment analyst Ali Martinez has reported that these whales purchased more than 240,000 ETH worth $830,000 million from June 11th. However, Martinez notes that Ethereum supply on centralized exchanges has risen in recent weeks. The exchanges are currently holding 17.97 million ETH, estimated to be worth $63 billion.
According to data from CoinMarketCap, Ethereum is priced at $3,478 after posting 24-hour losses of 1.9%. The second-largest coin by market cap is down 28% from its peak price ($4,878), recorded in November 2021.
Other News: BNB and Solana Post Two-Digit Losses
After rallying significantly at the start of June, BNB has entered a corrective phase, dropping 14% in the last seven days to trade at $603. The coin crossed above $700 last weekend to set a new all-time high. Similarly, Solana has seen 7-day losses of 12.6% to trade at $150.53. The two digital currencies have posted the highest losses this week among the top ten crypto assets.
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