In today’s crypto news, on-chain data suggests Bitcoin whales aggressively accumulated BTC during last week’s market panic.
According to CryptoQuant analyst Woo Minkyu, large holders absorbed heavy selling pressure as Bitcoin plunged below $60,000. During that period, whales withdrew 11,422 BTC worth roughly $700 million from exchanges, creating a significant supply drain.
The activity occurred during last week’s 13.9% dip, which marked the sharpest weekly correction this year. The asset fell from approximately $74,000 to as low as $59,100 before stabilizing around the current market price of $61,020.
Whales Stepped In While Retail Investors Panicked
The selloff began on June 2 and June 3 when older dormant Bitcoin wallets suddenly moved substantial amounts of BTC to exchanges. According to CryptoQuant, Inflow Coin Days Destroyed (CDD) surged to 2.16 million during the period.
CDD measures the movement of older coins that have remained inactive for extended periods. When dormant coins suddenly move, markets often interpret the activity as potential selling pressure.
The transfers coincided with Bitcoin’s sharp drop last week and contributed to growing fear across the market. Investors were already dealing with several bearish developments, including nearly $5 billion in spot Bitcoin ETF outflows over the past three weeks, renewed geopolitical tensions, and uncertainty following Strategy’s 32 BTC sale. However, CryptoQuant’s data suggests large holders reacted very differently from retail traders.
As Bitcoin approached the $60,000-$61,000 range, the Exchange Whale Ratio surged to 61.6%. The metric tracks how much exchange activity is dominated by large holders. According to the analyst, the spike indicates whales completely dominated buy-side activity during the decline and absorbed the panic selling pressure hitting the market.
More Than 11,422 BTC Leaves Exchanges
After accumulating during the downturn, whales began removing Bitcoin from exchanges. CryptoQuant data shows they withdrew 11,422 BTC over the following five days. At current prices, that represents approximately $700 million worth of Bitcoin moving into private wallets and cold storage.
The withdrawals pushed exchange netflows deeply negative and created a severe liquid supply drain. The development is a net positive for the Bitcoin market. Bitcoin held on exchanges is readily available for sale. Conversely, Bitcoin transferred into cold storage is generally associated with long-term holding behavior, is less accessible to the market, and tightens supply for good price mechanics.
The data also aligns with several other bullish signals emerging across the market. Bitcoin’s MVRV ratio recently fell to 1.1, approaching historical undervaluation levels seen near previous cycle bottoms. That indicates the end of the crypto winter may be near, as Bitcoin may soon find this cycle’s bottom. Meanwhile, Strategy resumed buying Bitcoin and added another 1,550 BTC worth approximately $101 million to its treasury.
Short-term volatility remains elevated. Yet, CryptoQuant believes the aggressive accumulation of more than 11,422 BTC may have helped establish the $60,000-$61,000 region as a key support zone for Bitcoin’s next move.
Temitope Olajide
