Bitcoin Whales Accumulate $436M of BTC in a Day as US Government Transfers 3,940 BTC to Coinbase Prime

On June 24th, Bitcoin whales demonstrated their influence by accumulating a staggering $436 million worth of BTC.

Bitcoin whales demonstrated their influence on June 24th by accumulating a massive $436 million worth of BTC. According to data from IntoTheBlock, holders controlling at least 0.1% of the total Bitcoin supply increased their stash by an impressive 7,130 BTC in a single day as Bitcoin’s price briefly dipped below the $60,000 mark. This significant accumulation highlights the strategic moves of major holders during market fluctuations.

In parallel, the US Government made another move by transferring another 3,940 BTC, which is roughly $241 million, to Coinbase Prime approximately nine hours ago. This follows their previous transfer of 2,000 BTC ($131 million) to Coinbase Prime on April 3, 2024, which did not have an immediate impact on Bitcoin’s spot price. The US Government currently holds around 213,500 BTC, valued at approximately $13 billion.

Finally, the net inflow into Bitcoin ETFs on June 26, 2024, amounted to $21 million. Despite being positive, the net inflow is relatively small. Grayscale’s GBTC ETF saw its first inflow of $4.3 million after experiencing 13 days of outflows. However, BlackRock’s IBIT ETF witnessed stagnant single-day flows for the eighth consecutive day.

These movements underscore the continued interest and strategic positioning in Bitcoin by both institutional investors and government entities. The actions of Bitcoin whales, combined with the ETF inflows, suggest a cautiously optimistic outlook for Bitcoin’s future, even amidst short-term price fluctuations.

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