The Bitcoin (BTC) price attempted a breakout above $70,000 after the lower-than-expected CPI numbers and signs of cooling inflation. However, the bulls haven’t been able to sustain the move as BTC collapsed back to $67,400 levels as of press time. But the good thing is that the Bitcoin whales have been accumulating in good quantity at every dip over the past week.
Bitcoin Whales on Strong Accumulation
As per the recent data from CryptoQuant, over 20,000 Bitcoins have recently flowed into the whale wallets during the recent market correction earlier this week. This shows that large investors have been capitalizing on every dip in the market while increasing their holdings simultaneously.
Thus, taking advantage of these market fluctuations, Bitcoin whales have seized the opportunity of BTC price corrections to boost their reserves. As CoinGape reported, the Bitcoin miners, on the other hand, have been liquidating their holdings to compensate for the drop in their profits after the halving. This has led to continued selling pressure on the BTC price.
At the same time, the US Bitcoin ETFs witnessed strong inflows over the past three weeks. After two days of net outflows earlier this week, the Bitcoin ETF inflows have resumed once again.
On Wednesday, June 12, the spot Bitcoin ETFs recorded a net inflow of $101 million. The Grayscale GBTC outflows have stopped again with Fidelity’s FBTC ETF leading the chart registering a daily inflow of $50.6 million.
BTC Exchange Supply Drops to 3 Months Low
As per the on-chain data provider Santiment, the total Bitcoin supply on exchanges has dropped under 1 million to 942,000 Bitcoins, for the first time since in nearly three years since December 2021.
The reduced Bitcoin supply on exchanges shows there’s a lower risk of any significant price drop, due to the limited available supply for sale. Thus, Bitcoin’s constrained supply at the exchange highlights a more stable outlook for the broader cryptocurrency market.
Furthermore, as reported by CoinGape, the short-term sentiment for Bitcoin investments has surged by 55% ever since the arrival of the spot Bitcoin ETFs earlier this year.
As of press time, the Bitcoin price is trading at $67,500 levels. On the downside, $67,000 remains a crucial support breaking which can open the gates to a correction to $65,000 and $62,500 subsequently.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
