Bitcoin Whales Make $1.38 Billion Purchase in One Day
On June 11, a significant event took place in the world of cryptocurrency as Bitcoin Whales acquired over $1.30 billion worth of Bitcoin in a single day, equivalent to 20,600 BTC. This surge in buying activity was triggered by the declining prices of Bitcoin, prompting whales to accumulate more in anticipation of future profits.
The heightened interest from whales is generally viewed as a positive indicator and is often linked to a potential increase in asset prices in the near future. This recent accumulation represents the largest amount of BTC purchased since February 28, when Bitcoin experienced a significant rally and approached the $60,000 mark.
Another promising sign pointing towards a potential surge in Bitcoin’s price in the coming months is the decrease in the amount of BTC available on exchanges. This trend suggests that BTC holders are confident in the asset’s long-term growth prospects, leading them to acquire more Bitcoin. Currently, exchanges collectively hold 942,000 BTC, indicating a strong belief in Bitcoin’s future value.
The recent drop in Bitcoin prices amidst a generally optimistic market sentiment has been welcomed by BTC holders. Prior to June 11, whale wallets were purchasing between 1,300 to 2,200 BTC per day as the price of Bitcoin dipped below $70,000. The further decline in prices on June 11 presented buyers with an attractive opportunity to acquire Bitcoin at more favorable prices.
With Bitcoin falling to around $66,000 on that day, purchasing the asset appeared to be a strategic decision, considering the potential for its price to rise significantly in the future. However, there were outflows from Bitcoin ETFs for three consecutive days this week, as some investors opted to liquidate their long-term positions in response to the falling prices. Additionally, the announcement by the SEC regarding the potential approval of ETH ETFs this summer prompted some investors to hold onto cash to capitalize on this opportunity.
In contrast to the increased interest in Bitcoin, the enthusiasm for Ethereum (ETH) seems to be waning, as the total amount of ETH held in all wallets currently stands at 17.98 million, valued at over $60 billion. This figure has been growing in recent days, indicating a potential decline in ETH prices. However, there is hope that ETH will rebound as Bitcoin surpasses its previous all-time high (ATH) once again, leading to a positive outlook for the cryptocurrency market as a whole.