June 11 saw Bitcoin Whales purchase over $1.30 billion worth of the asset, or 20,600 BTC, to be precise. The massive interest was driven by falling BTC prices, pushing whales to bag more of it to profit later.
Increased whale activity is a good sign and often associated with asset prices rising soon. This accumulation marks the most BTCs bought since February 28 as BTC rallied tremendously, rapidly moving toward the $60,000 mark.
Another pointer toward BTC’s price rise in the coming months is the falling BTC amounts available on exchanges. BTC holders cannot help but buy more of it, indicating a strong belief that the asset will skyrocket in the mid to long term. Exchanges collectively hold 942,000 BTC currently.
The falling prices during a largely bullish period come as a welcome to BTC holders. The days before June 11 saw anywhere between 1,300 to 2,200 BTC a day bought by whale wallets as BTC price dropped below $70,000. June 11 experienced further losses than the previous days, allowing BTC buyers to get their hands on the asset at attractive prices.
BTC fell close to $66,000 that day, making purchasing it a highly sensible option as its price only looks to shoot up eventually. However, BTC ETFs saw outflows for three days this week, as investors used the falling prices as a decision to liquidate their long-term positions. Other reasons included the SEC admitting that they will approve ETH ETFs this summer, leading some investors to hold liquid cash to buy them.
On the contrary, interest in ETH itself is lowering as the amounts held in all banks total 17.98 million ETH, worth over $60 billion – a number that has grown in the past few days. Consequently, the asset may witness decreasing prices and hopefully rebound as BTC grows beyond its all-time high (ATH) again.
Image by Gerd Altmann from Pixabay