Bitcoin Whales Bought $60,000 Down on Retail Decline – Over 11,000 BTC Left Exchanges

Bitcoin is struggling below $62,000 as selling pressure and fear continue to define the market environment. Uncertainty is real, but top analyst Wu Mingyu has published on-chain analysis that reveals what was actually happening during the most intense stages of the decline. And the picture it paints looks quite different from the panic narrative that dominated market commentary at the time.

On-chain data tells a story in two different acts. The first act was the trigger. On June 2nd and 3rd, old dormant wallets moved a large amount of supply to the exchange. The Inflow Coin Destruction Days indicator peaked at 2.16 million, reflecting long-held coins suddenly moving to the sell side at the same time. This supply shock caused prices to fall from $71,000, creating the conditions for the subsequent collapse.

The second act is where the data becomes most analytically important. At the bottom between $60,000 and $61,000, the exchange whale ratio jumped to 61.6%. During the most frightening period of the decline, it was confirmed that the largest market participants had complete control over buy-side activity. While retail participants panicked and sold on their weaknesses, the whales were running an aggressive and systematic accumulation campaign at the very prices that fear had created.

The divergence between retail performance and smart money performance at $60,000 is a signal on which Wumingyu’s analysis is built.

11,422 $BTC Wipe out the exchange in 5 days

The supply drainage associated with whale accumulation completes the picture that Umingyu’s analysis frames. 11,422 whales were withdrawn in the five days after hitting the bottom between $60,000 and $61,000. $BTC — about $700 million — will be sent from the exchange to cold storage. The exchange’s net flow turned significantly negative as coins absorbed during the panic phase were quickly moved from resaleable venues.

Bitcoin price and exchange whale ratio | Source: CryptoQuant’s Woomingyu

The sequence of actions is precise and planned. Whales took advantage of the panic selling created by retail participants and bought aggressively at the bottom. They then pulled those coins completely from the exchange, removed the coins from readily available sell-side supply, and placed them in cold storage where they could not be immediately reintroduced to the market.

As a result, significant liquid supply drainage occurs. More than $700 million worth of Bitcoin, which was briefly available on exchanges during the worst part of the decline, was placed in long-term storage in less than a week. The order book is thinner than before the decline. The supply that retailers have sold to the bottom is now held by participants who have indicated through their actions that they have no intention of selling back at the current price.

Umingyu’s sentence follows directly from this sequence. The transfer of wealth from weaker hands to stronger hands is complete. The $60,000 to $61,000 range has been validated as a true institutional accumulation zone, defended at scale, systematically absorbed, and immediately removed from liquid circulation. The fingerprint of that action establishes a floor that structurally allows for the next leg.