Bitcoin’s exchange supply has reached a low of 942,000 BTC, the lowest since late 2021, indicating a bullish market sentiment. Recently, Bitcoin whales have capitalized on a price drop, buying 20,600 BTC valued at $1.38 billion in a single day. This influx marks the largest into whale wallets since early 2022, highlighting strong accumulation during Bitcoin’s dip from $7,650 to around $69,000. Another significant purchase day occurred as the price fell further.
Whale Activity and Market Movements
As of June 11, the latest data shows this surge in whale activity. However, data from June 12, following positive Consumer Price Index (CPI) news, is not yet available. Currently, Bitcoin trades at about $67,500, still below its peak of $73,737 in March. Bitcoin’s exchange supply dropping to 942,000 BTC often suggests a bullish market sentiment, where investors foresee potential price increases. In contrast, Ethereum whales have recently acquired over 240,000 ETH, worth nearly $840 million. Despite this, Santiment reports an increase in Ethereum supply on exchanges lately, totaling 17.98 million ETH, valued at $63.1 billion.
Ethereum’s Market Dynamics
Ethereum trades at $3,510, down from $3,815 earlier in June. Overall, despite recent fluctuations, both Bitcoin and Ethereum continue to draw attention from significant investors, signaling varied market behaviors between the two major cryptocurrencies.
Market Behavior Comparison
Bitcoin and Ethereum have shown contrasting trends in recent whale activity. Bitcoin’s significant accumulation during price dips indicates strong investor confidence, supported by a decrease in exchange supply. Meanwhile, Ethereum’s increase in exchange supply despite whale acquisitions suggests a more fluid market sentiment.
Key Points
- Bitcoin’s exchange supply hit 942,000 BTC, the lowest since late 2021.
- Bitcoin whales bought 20,600 BTC valued at $1.38 billion in a single day.
- The largest whale wallet influx since early 2022 was noted.
- Bitcoin’s current trading value is approximately $67,500, below its March peak of $73,737.
- Ethereum whales acquired over 240,000 ETH, worth nearly $840 million.
- Ethereum supply on exchanges increased to 17.98 million ETH.
- Ethereum’s current trading value is $3,510, down from $3,815 earlier in June.
Despite contrasting trends, the attention from significant investors in both Bitcoin and Ethereum highlights the ongoing interest and varied market behaviors within the cryptocurrency space. While Bitcoin’s reduced exchange supply signals bullish sentiment, Ethereum’s increased supply on exchanges suggests a different, more fluid market environment.
