Bitcoin (BTC)’s fall towards $60,000 not only sparked fear selling among retail investors, but also gave whales room to accumulate.
This is the conclusion of CryptoQuant certified analyst Woo Minky, who points out that whales (addresses with more than 1,000 BTC) executed an aggressive buying strategy during the correction period recorded between June 2 and 3, 2026.
According to a report published on June 10, the decline started when old, inactive wallets moved large amounts of BTC to exchanges.
In this framework, the old coin index sent to exchanges (CDD), which measures the age and volume of coins flowing into these platforms, reached 2.16 million coins. An increase in this metric usually indicates: Coins that have been held for a long time will move again, and selling pressure is expected.. In this context, prices have fallen to the $71,000-$60,000 area.
However, rather than deepening the retreat, Selling pressure found strong demand. “Retailers panicked during the fall to $60,000, but on-chain data shows that smart money carried out an aggressive buy-to-buy campaign,” Wu Mingyu pointed out.
The following graph shows exactly how that hand changes.
At the top, you can see the BTC price trend. exchange whale ratioan indicator that measures the relative weight of transactions from large players within exchange flows.
At the bottom, you will see NetFlow, a metric that reflects the difference in Bitcoins entering and exiting the exchange platform. If this is negative, it generally means that more coins are being withdrawn than coming into the self-custodial wallet.
Precisely, one of the most relevant data in this report is the size of these withdrawals. Last 5 days analyzed (June 5th to 9th) Whale withdrew 11,422 BTC from the exchange, which is equivalent to approximately $700 million at current market prices.
At the same time, large investors withdrew 11,422 BTC from the exchange to cold storage over the past five days analyzed. To Woo Min Kyu This behavior shows that the whales weren’t just buying during the decline.but absorbed the market’s selling pressure. “The whales completely dominated buy-side activity and absorbed the panic,” he said.
In that sense, The analyst concluded that “the transfer of wealth from the weak to the strong is complete.”
Based on this data, Wu Mingyu argues that the area between $60,000 and $61,000 could become established as a key support level for Bitcoin.
But other analysts remain more cautious. Trader and financial market analyst Willy Wu believes BTC may be entering a recovery phase, but warns that capital flows will worsen further. Further downward pressure is likely before a definitive bottom forms.
Spanish trader Pablo Gil believes that the possibility of a more serious correction cannot yet be ruled out, as reported by CriptoNoticias. “Throughout the lifetime of BTC, the price could be 38,000 or 40,000 per BTC given the winter correction pattern of each cryptocurrency since the halving,” he said.
Price trends over the next few weeks will allow us to gauge whether the whale’s accumulation is sufficient to maintain the $60,000 region.
The truth is, for now Macroeconomic conditions remain unfavorable for assets considered to be riskyespecially because of the wars in the Middle East. A concrete ceasefire signal on this front could ease pressure on the market and give BTC room to break out of its current bearish trend.
