After pulling back toward the $60,000 level, Bitcoin is searching for balance as data from major exchanges reveals that large holders made significant accumulations during the recent price drop. On-chain statistics show that over the last five days, major wallets withdrew a total of 11,422 BTC from exchanges, equivalent to approximately $700 million at contemporary prices.
Large wallet activity faces close scrutiny
High-volume Bitcoin outflows from exchanges are often interpreted as signals that these assets are unlikely to be sold in the near term. Especially during sharp pullbacks, the movement of BTC into private wallets reduces the supply available for instant trades on the market. However, such actions alone do not guarantee an immediate price recovery.
This recent accumulation occurred after Bitcoin retreated from levels above $71,000 toward the $60,000 region. Available data shows that from June 5 to June 9, net flows on exchanges turned negative, with the largest single-day outflow taking place near the recent local price low.
Glossary: The Exchange Whale Ratio is an indicator that measures the share of the largest transactions within the total assets sent to exchanges. A rising ratio can suggest that major investors are playing a more prominent role in market movements.
While Bitcoin traded between $60,000 and $61,000, the Exchange Whale Ratio was reported at 61.6 percent. This metric tracks what proportion of deposits to exchanges originate from the largest transactions. In times of elevated market pressure, it has become a principal tool for assessing the involvement of large investors.
Not all large transfers on exchanges necessarily represent outright buying. These may include internal transfers, collateral-based transactions, and dealings between major market participants, according to industry commentary.
$60,000 emerges as key support figure
The data signals that large investors intensified their activities near local lows as selling pressure increased. Additionally, inflows from wallets that had previously remained inactive for extended periods might have contributed to an increase in available supply on exchanges before Bitcoin’s drop from the $71,000 range.
Although Bitcoin briefly dipped below $60,000, it managed to recover this critical threshold. The $60,000 band is now seen as a pivotal zone for near-term sentiment. A sustained hold above this level may indicate buyers are absorbing supply, while another downward break could open the door to fresh support tests at lower price points.
Recent large withdrawals could limit selling pressure by reducing the amount of Bitcoin held on exchanges. Even so, price direction will depend on more than this single variable. Factors such as spot demand, futures positioning, and overall market conditions remain decisive in shaping Bitcoin’s short-term path.
Analyst maps out $220,000 scenario
Cryptocurrency analyst Bitcoin Teddy has argued that Bitcoin has completed a multi-year cup and handle pattern. According to his analysis, the latest test of $60,000 forms the handle portion of a broader technical structure spanning several years. Teddy is well-known in the crypto community for his technical analysis on market cycles.
He claims the structure has finalized its breakout, retest, and technical confirmation phases. The brief drop below $60,000 followed by a swift recovery is considered by Teddy to be a critical piece of this validation. However, he underscores that sustained buying momentum would be necessary for this scenario to gain further traction.
Based on the formation’s projection, the minimum target sits at $220,000, suggesting nearly a 300 percent rise from the recent lows. Nonetheless, such forecasts rely on the preservation of support levels and favorable market conditions, and should not be seen as guarantees.
