Large Bitcoin holders withdrew approximately 11,422 BTC from exchanges over five days between June 5 and June 9, representing roughly $700 million in value based on prices during the period. The withdrawals occurred as Bitcoin price fell from above $71,000 toward the $60,000 area, with on-chain data indicating the largest daily withdrawal near the local price bottom. Exchange withdrawals typically suggest holders do not plan to sell assets immediately, potentially reducing short-term market supply, though such movements do not guarantee price recovery.
Whales Withdrew 11,422 BTC During Five-Day Period
On-chain data indicates that large holders withdrew about 11,422 BTC from exchanges over five days. Based on prices during the period, the transfers represented roughly $700 million worth of Bitcoin moving away from trading platforms and into private wallets. Moving Bitcoin into cold storage can reduce short-term market supply, especially when withdrawals occur during a sharp price decline. The accumulation followed Bitcoin's fall from above $71,000 toward the $60,000 area. According to the supplied data, negative exchange netflows appeared between June 5 and June 9, with the largest daily withdrawal occurring near the local price bottom.
Exchange Whale Ratio Reached 61.6% Near $60,000 Level
The Exchange Whale Ratio reportedly climbed to 61.6% as Bitcoin traded around $60,000 to $61,000. The ratio tracks the share of exchange deposits linked to the largest transactions and can help measure whale participation during periods of market stress. Higher whale activity near the bottom suggests that large investors played a major role as selling pressure increased. The data also indicates that earlier inflows from dormant wallets may have added supply to exchanges before Bitcoin dropped from the $71,000 region. However, the available figures do not prove that every large transaction represented a purchase. Exchange activity can include internal transfers, collateral movements, and trades between large market participants.
Bitcoin Price Briefly Moved Below $60,000 Before Recovery
Bitcoin briefly moved below $60,000 before recovering, making the level an important area for traders. A sustained move above $60,000 would suggest that buyers are absorbing supply, while another break below it could reopen the path toward lower support levels. The recent withdrawals may help reduce selling pressure by limiting the volume of Bitcoin held on exchanges. Nevertheless, price direction will also depend on spot demand, derivatives positioning, and wider market conditions. The $60,000 to $61,000 range has now attracted both large withdrawals and stronger whale participation.
Analyst Bitcoin Teddy Forecasts $220,000 Target Based on Cup-and-Handle Pattern
Crypto analyst Bitcoin Teddy says Bitcoin price has completed a multi-year cup-and-handle formation. According to the analysis, the recent test of $60,000 formed the handle after the wider cup developed over several years. The analyst believes the pattern completed a breakout, a retest, and structural confirmation. Bitcoin's rebound after briefly losing $60,000 is presented as the confirmation stage, although the setup still requires sustained buying momentum. Based on the pattern's projected measurement, the analyst placed a minimum Bitcoin price target near $220,000. That forecast would require a gain of almost 300% from levels near the latest market low.
FAQ
What did whales do between June 5 and June 9?
Large Bitcoin holders withdrew approximately 11,422 BTC from exchanges over five days between June 5 and June 9, representing roughly $700 million in value based on prices during the period.
What is the Exchange Whale Ratio and what level did it reach?
The Exchange Whale Ratio tracks the share of exchange deposits linked to the largest transactions and can help measure whale participation during periods of market stress. The ratio reportedly climbed to 61.6% as Bitcoin traded around $60,000 to $61,000.
What is analyst Bitcoin Teddy's price target for Bitcoin?
Analyst Bitcoin Teddy placed a minimum Bitcoin price target near $220,000 based on a multi-year cup-and-handle formation, which would require a gain of almost 300% from levels near the latest market low.
