Key Insights:
- Large investors accumulate BTC near recent lows, helping support a Bitcoin price rebound.
- Whale selling activity drops sharply as long-term holders slow exchange transfers.
- Market watchers remain focused on whale movements amid ongoing economic uncertainty.
Bitcoin price USD is in the spotlight as whales show fresh signs of confidence after weeks of market weakness. New on-chain data suggests large holders have slowed their selling and started adding to their positions again. Notably, this helped Bitcoin recover from its recent drop and pushed the price back above $65,000.
Bitcoin Whales Shift from Selling to Buying
Bitcoin whales appear to be changing their approach after a period of heavy selling that weighed on the market earlier this month. Data shared by CryptoQuant analyst Woominkyu showed a sharp fall in the movement of older coins to exchanges.
The Inflow Coin Days Destroyed metric dropped from 2.16 million to around 33,000. It’s a sign that long-term holders are no longer sending large amounts of Bitcoin to trading platforms.
That selling wave played a major role in the decline from June 1 to June 4. During those days, Bitcoin fell from about $71,300 to $63,800 as older coins moved onto exchanges, adding to market pressure.
Conditions began to change after the price touched a low of roughly $61,400. At that point, large holders started buying from sellers who were leaving the market. According to the data, more than 11,400 BTC, worth about $700 million, were moved out of exchanges and into private wallets.
Another indicator pointed to the same trend. The Exchange Whale Ratio climbed to 62.3% during the downturn. The reading suggested that large investors were very active during periods of market pressure.
By the middle of June, the number of Bitcoins held in wallets containing at least 100 BTC stopped falling and started rising again. For many traders, that marked an important change after nearly two weeks of decline in whale holdings.
Bitcoin Price USD Recovery Follows a Drop in Exchange Supply
The return of buying activity among large holders came as fewer coins remained available on exchanges. When the Bitcoin price USD was falling, many traders feared that more losses could follow. However, the steady withdrawal of coins from trading platforms reduced the amount available for immediate sale.
Notably, as selling pressure eased, the market started to recover. Bitcoin later climbed to about $65,705, giving traders a reason to watch whether the rebound could continue. Woominkyu said the recent move showed a transfer of coins from weaker holders to stronger holders.
In his view, the Bitcoin price USD range between $60,000 and $61,500 has become an important support zone after the recent market action. The latest figures have drawn attention because exchange reserves play a key role during periods of uncertainty.
A smaller supply on exchanges can make price movements more noticeable when buyers return to the market. For now, many traders are keeping a close eye on whether large holders continue adding to their positions in the weeks ahead.
Large Holders Remain in Focus
While some data points to accumulation, other figures show that whale activity increased sharply during the correction. Crypto analyst Darkfost reported that transfers from whales to Binance rose as Bitcoin moved below $60,000.
Daily inflows exceeded 6,000 BTC several times, with one reading in early June exceeding 8,000 BTC. Over the last month, whales sent an average of 3,200 BTC per day to Binance. At the end of April, that figure stood near 1,200 BTC per day.
The increase suggested that some large holders were selling or preparing to sell during the market decline. Darkfost noted that even major investors can react to uncertainty when economic and global risks remain high.
Despite recent volatility, Coinbase Chief Executive Brian Armstrong remains positive on Bitcoin. He said he continues to hold the asset and believes it will become an important part of the economy in the future.
Armstrong also said market cycles often appear worse than they really are, adding that he remains bullish on Bitcoin over the long term.
