Analysis of Recent Bitcoin and Ethereum Trends

Bitcoin whales capitalized on the recent Bitcoin price drop on June 11, garnering a collective 20,600 BTC valued at $1.38 billion in a single day.

As reported by CryptoQuant, June 11 marked a significant inflow day for Bitcoin whales since February 28, coinciding with a decline in Bitcoin's price from $71,650 to around $69,000. The subsequent massive inflow of 20,600 Bitcoins into whale accumulation addresses on June 11 highlighted the heightened activity.

The data for June 12 has not yet been updated. Following a brief price uptick post-positive CPI results, Bitcoin is currently trading at $67,500.

Notably, Bitcoin's supply on cryptocurrency exchanges dwindled to 942,000 units - the lowest level seen since December 22, 2021, according to insights from Santiment.

A decline in Bitcoin reserves often signals a strong market sentiment as investors anticipate upward price movements in the mid to long term.

Bitcoin remains down by 8.45% from its peak price of $73,737 recorded on March 13.

Ethereum Whales' Activity

On the Ethereum front, whales have been actively purchasing over 240,000 ETH valued at nearly $840 million at present prices. This significant accumulation of Ether by whales, based on Santiment data, indicates a notable trend in the Ethereum market.

In contrast to Bitcoin, Santiment data indicates an increase in the supply of Ether on cryptocurrency exchanges in recent days. Currently, there are 17.98 million Ether, amounting to $63.1 billion, held on exchanges.

Ether's price has experienced a drop from $3,815 on June 7 to $3,510 at the time of this analysis.