The huge and sudden uptick in Bitcoin whale accumulation came as Bitcoin supply on exchanges fell to its lowest level since December 2021.
Bitcoin whales took full advantage of the Bitcoin (BTC) price slump earlier this week on June 11, accumulating a combined 20,600 BTC worth $1.38 billion on the day.
According to blockchain analytics firm CryptoQuant, it was the largest inflow day for Bitcoin whales since Feb. 28, when spot Bitcoin exchange-traded funds were barely six weeks old, and BTC was approaching a new all-time high.
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.
