Bitcoin whales secretly bought the dip around $60.000

While smaller investors panicked and sold during the recent Bitcoin dip, large players seized their opportunity. An analysis by CryptoQuant shows that whales aggressively bought Bitcoin around the low of $60.000 to $61.000 and withdrew it from exchanges. The Bitcoin price currently stands at $61K and shows a decline of 2.6% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Exchange Whale Ratio spikes to 61.6%

The Exchange Whale Ratio rose sharply to 61.6% at the low, indicating that large players completely dominated the buying side and absorbed the panic selling from other investors. This is a striking signal, as a high ratio at a bottom suggests that it is not small retail investors buying, but rather the big players with deep pockets.

As analyst Woo Minkyu of CryptoQuant explains: at the time when the price was around $60.000 to $63.000. there was clearly a ‘buy and accumulate zone’ for these large players. The behaviour of whales thus shows a pattern that many experienced market followers recognise as a classic accumulation moment. If you want to know more about how whales influence the market, it is certainly worth reading.

Nearly 11,000 Bitcoin withdrawn from exchanges

The net exchange flow tells a similar story. Between 5 and 9 June, a total of 10,975 Bitcoin flowed off exchanges. That is a clear sign of accumulation: anyone who withdraws Bitcoin from an exchange is generally not planning to sell quickly. On 5 June, the outflow was strongest, with a negative netflow of more than 4,000 Bitcoin in a single day.

This contrasts with the days before, when there was a positive netflow and thus more Bitcoin flowing to exchanges, which often indicates selling pressure. That short-term holders massively sent Bitcoin to exchanges at a loss has been described earlier, while the Bitcoin MVRV ratio is approaching a historical undervaluation zone. The combination of that selling pressure and the hefty purchases by whales makes the recent bottom all the more interesting for those who closely follow the Bitcoin price.