Bitcoin whales capitalized on a market downturn on June 11, accumulating a combined 20,600 BTC valued at $1.38 billion. This surge in whale activity marked the largest single-day inflow into whale accumulation addresses since February 28, coinciding with the inception of Bitcoin exchange-traded funds (ETFs) and a previous all-time high for BTC.

As Bitcoin prices dipped from $71,650 to approximately $69,000, daily inflows into whale accounts typically ranged between 1,300 and 2,200 BTC. However, on June 11, amidst renewed price volatility, the significant accumulation event saw 20,600 BTC move into these addresses, reflecting strategic buying at lower price levels.

The market dynamics continued to evolve, with Bitcoin briefly spiking after favorable United States Consumer Price Index data on June 12, although stabilizing around $67,500 at the time of reporting. Concurrently, Bitcoin's exchange supply decreased to 942,000 BTC, its lowest level since December 22, 2021, indicating a broader trend of decreasing available supply and potential long-term bullish sentiment among investors.

Despite Bitcoin being down 8.45% from its peak of $73,737 in mid-March, the recent whale activity underscores resilience and confidence in Bitcoin's market trajectory.

Meanwhile, Ethereum whales have also been active, acquiring more than 240,000 ETH valued at nearly $840 million in recent transactions. However, unlike Bitcoin, Ethereum's supply on exchanges has seen an increase, with 17.98 million ETH, worth $63.1 billion, currently held on trading platforms. Ethereum's price has corrected from $3,815 on June 7 to $3,510 as of the latest update, reflecting broader market volatility and investor sentiment shifts across the cryptocurrency landscape.