Bitcoin Whales Go on a Buying Spree Amid Market Correction
The recent market correction has led to a surge in Bitcoin whale accumulation, with a massive $1.38 billion worth of Bitcoin being scooped up in just 24 hours. According to blockchain analytics firm CryptoQuant, this is the largest inflow day for Bitcoin whales since February 28.
Bitcoin whales take advantage of market correction
The sudden uptick in Bitcoin whale accumulation came as Bitcoin supply on exchanges fell to its lowest level since December 2021. This decrease in supply often indicates a strengthening market where investors anticipate upward price action over the mid to long term.
Bitcoin supply on exchanges falls to lowest level since December 2021
The data from CryptoQuant shows that 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 huge and sudden uptick in Bitcoin whale accumulation came as Bitcoin supply on exchanges fell to its lowest level since December 2021.” - CryptoQuant
Ethereum Whales Join the Party
Ethereum whales have also been busy, with over 240,000 Ether (ETH) worth nearly $840 million being bought up, according to industry analyst Ali Martinez, citing Santiment data.
Ethereum whales join the buying spree
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.
As the market continues to fluctuate, one thing is clear - Bitcoin and Ethereum whales are taking advantage of the correction to accumulate more assets. Will this lead to a strengthening market in the mid to long term? Only time will tell.
Bitcoin and Ethereum whales accumulate assets amid market correction
