In today’s crypto news, Bitcoin whales are aggressively accumulating BTC as it recovers from last week’s sharp selloff. According to on-chain data shared by Lookonchain, several large holders have withdrawn more than 3,000 BTC worth roughly $190 million from exchanges and custodians over the past few days. The activity comes as Bitcoin pushes back toward the $63,000 level after falling below $60,000 last week.
Whale Accumulation Accelerates Despite Price Weakness
Lookonchain reported that a whale wallet withdrew 2,341 BTC from OKX over the past five days. At current prices, the holdings are worth approximately $144.7 million. Additionally, three newly created wallets withdrew a total of 737.7 BTC from BitGo. The transactions included withdrawals of 298.7 BTC worth approximately $18.4 million, 287 BTC worth $17.7 million, and 151.9 BTC worth $9.4 million.
Combined, the three wallets accumulated roughly $45.6 million worth of Bitcoin. In total, all four whales withdrew a combined 3,078 BTC, valued at $190 million at current market price. The use of newly created wallets suggests the assets may be moving into private wallets rather than trading accounts. Long-term holders often move coins into private wallets after completing purchases, moving them farther away from readily available supply.
This trend matters because Bitcoin held on exchanges represents liquid supply that can be sold immediately. When whales purchase BTC and move it into private wallets, that supply becomes significantly less available to the market. As a result, the available sell-side liquidity shrinks.
Supply Absorption Is Supporting Bitcoin’s Recovery
The latest accumulation follows a much larger wave of whale buying that emerged during the dip. Earlier data from CryptoQuant showed whales dominated market activity at the time as Bitcoin briefly plunged below $60,000. Exchange Whale Ratio surged to 61.6% following the dip, indicating large holders were responsible for the majority of exchange activity at the time.
According to the analysis, they absorbed much of the panic selling from weaker hands as retail investors rushed to exit positions. In the days that followed, the whales withdrew 11,422 BTC worth approximately $700 million from exchanges.
When combined with the latest withdrawals, large holders have now removed more than 14,500 BTC from exchanges and custodians in just over a week.
That supply absorption may be helping support Bitcoin’s ongoing recovery. The asset has begun a recovery from the $61,000 range where it had been stuck earlier this week. Bitcoin is now approaching $63,000, currently trading at $62,712.
Multiple Bullish Signals Converge
Several additional indicators are also beginning to improve. Bitcoin’s MVRV ratio recently fell to 1.1, approaching historical undervaluation levels associated with previous market bottoms. Strategy has also resumed buying, adding another 1,550 BTC worth approximately $101 million to its treasury.
While volatility remains elevated, the continued removal of Bitcoin from exchanges suggests large investors are positioning for higher prices. CryptoQuant analysts believe the recent wave of whale buying at $60,000 may have established that level as a strong support for future price action. Additionally, analysts revealed Bitcoin is very close to a 9-year trendline that may signal the turning point for the asset’s price.
If whale accumulation continues and exchange balances keep falling, the resulting supply crunch could continue to support Bitcoin’s recovery in the weeks ahead.
Temitope Olajide
