As Bitcoin’s June downturn deepened, a notable uptick was observed in large-scale BTC transfers to Binance from major investors. Data shows that, over the month, Bitcoin’s price dropped by approximately 14 percent, as wallets handling transactions above 100 BTC increasingly turned to the exchange, signaling mounting short-term selling pressure.
Whale moves accelerate sharply
On June 2, whale inflows to Binance surged to about 8,200 BTC—the highest level recorded since February’s correction period. Further, on June 4, more than 6,400 BTC was sent to the platform. These figures stand out when compared to trends seen since mid-April and reflect a significant rise in activity among major investors.
The monthly average for whale inflows also spiked from around 1,200 BTC to over 2,800 BTC in a short time. In just a few weeks, the amount of BTC moved to Binance by large holders more than doubled, amplifying expectations of heightened volatility.
On chain analyst Darkfost highlighted that these moves appear less like strategic repositioning and more like a reactive effort from whales to reduce risk in the face of the ongoing price decline.
In this context, the term “whale” is assigned to entities transferring over 100 BTC per transaction—a value exceeding $6 million at current prices. When such large amounts are shifted to exchanges, it is typically interpreted as preparation for selling, often amplifying concerns among traders about near-term downside.
It is worth noting that similar episodes of heightened whale inflows have previously occurred during advanced stages of price corrections. A comparable pattern was seen at the start of February when Bitcoin dipped below $60,000, with intensified whale activity around exchanges often accompanying periods near local price bottoms.
Sustained selling pressure despite absorption
CryptoQuant CEO Ki Young Ju characterized the current phase as reminiscent of large-scale portfolio rebalancing. He noted that the average cost basis for Bitcoin investors stands at roughly $53,000—a level historically linked to bear market lows across previous cycles.
Glossary: “Realized price” refers to the average cost basis of all BTC on the network, calculated based on the price each unit last moved. Market commentators track this metric as a key stress or support level, reflecting investors’ average entry point.
Ki Young Ju stated that Bitcoin investors have an average cost basis near $53,000 and historically, bear markets tend to end once prices dip below this threshold.
According to Ju’s data, since January 2023, institutional player Strategy acquired 711,206 BTC and sold just 32 BTC. Since March 2024, spot Bitcoin ETFs have absorbed 509,102 BTC, while Strategy added another 650,706 BTC—bringing the total absorbed across both channels past 1.24 million BTC.
Nonetheless, Bitcoin’s price has recently edged back toward levels seen in March 2024. Current exchange reserves are estimated at about 2.7 million BTC, while holdings attributed to Satoshi Nakamoto remain close to 1 million BTC. Despite ETFs and Strategy collectively absorbing an amount nearing half of all exchange reserves, persistent price pressure remains a top focal point for analysts tracking market dynamics.
