Bitcoin Price Stagnant as Whales Make Significant Moves
The Bitcoin price has experienced minimal fluctuations of just 0.66% intraday, remaining within the confines of the 20-day EMA band. Although the current price action may appear lackluster, the real excitement is brewing behind the scenes, with crypto whales making significant moves in the market.
In the last 24 hours, the official X account of the whale alert platform has reported 10 separate BTC transfers by 12:16 PM UTC on June 5th. Of these transfers, 8 posts indicated that a staggering 12,907 BTC, equivalent to $1.3 billion, was shifted from exchanges to wallets.
Furthermore, data provided by Santiment revealed that over the past week, whales have accumulated 79,244 BTC, amounting to over $8.3 billion. This surge in whale activity at the beginning of June suggests a potential market resurgence in the coming weeks.
Cryptoquant’s analysis further corroborated the increased activity of Bitcoin whales, noting that a new group of whales with an average coin age of under six months has been accumulating at a record pace.
The influx of new money into the market is anticipated to trigger a rally in the Bitcoin price in June. According to a recent CryptoQuant analysis, the supply held by new whales has surged, with the fresh cohort actively buying into the market.
The data indicates that the supply share of new whales has doubled from 2.5% to 5.6%, representing an increase from 500K BTC to 1.1 million BTC, valued at $63 billion. This influx of newly minted BTC into the hands of new whales suggests a tightening of the supply, as these positions were established recently.
With the all-time high in sight, Bitcoin is poised to surpass the $134K mark in June 2025. However, in case of a pullback, the $95K level is expected to provide support for the BTC price.
In conclusion, the increased whale activity, coupled with the influx of new money into the market, sets the stage for a potential rally in the Bitcoin price in June. Stay informed with the latest developments in the crypto world to capitalize on emerging trends and opportunities.