Bitcoin attracted notable accumulation activity as large holders removed significant amounts of BTC from exchanges.
If reported by Lookonchainwhale raised 2,341 BTC worth approximately $144.68 million from OKX in five days.
Additionally, three newly created wallets collected another 737.7 BTC worth approximately $45.6 million from BitGo.
Combined, the purchases totaled more than $190 million, underscoring renewed interest from deep-pocketed investors despite Bitcoin’s recent correction.
The timing of these withdrawals attracted attention as they coincided with BTC trading near multi-month lows.
Instead of moving coins to exchanges, these entities transferred their holdings to private wallets.
As a result, activity indicated reduced selling intentions and reflected growing confidence among large investors seeking exposure during the market downturn.
Bitcoin exchange reserves continue to shrink
In addition to the whale transactions, broader data on exchange flows also pointed to continued accumulation behavior.
On June 11, spot inflows were only $68.52K, while outflows rose to $290.17K, leaving a net negative balance.
This imbalance extended a trend that had been going on for several sessions, as more Bitcoin left trading platforms than entered.
Such conditions often reduce the immediately available supply as fewer coins remain available for sale on exchanges.
Although price developments remained weak over the period, investors continued to withdraw rather than deposit assets.
The divergence reinforced the accumulation narrative already evident in whale portfolio activity.
Furthermore, continued outflows often reflect improving long-term sentiment, especially when accompanied by large-scale withdrawals at major custodians and exchanges.
Can Bitcoin regain lost ground?
Bitcoin [BTC] experienced heavy selling pressure after breaking the rising channel structure that had guided the price action for several months.
The decline pushed BTC through the key $73,800, $70,000 and $65,657 levels before buyers reacted near the $60,600 support zone.
After that sharp decline, the asset stabilized and recovered towards $62,566 at the time of observation.
Although the recovery provided some relief, Bitcoin was still trading below previous support levels that had now turned into resistance.
The Relative Strength Index fell to 28.93, putting the indicator firmly in oversold territory after weeks of decline.
Such readings have historically reflected exhausted selling pressure and often preceded short-term recovery efforts.
Any sustained recovery will likely require buyers to claw back $65,657 before challenging the $70,000 area again.
Meanwhile, the support at $60,600 remained crucial as another crisis could expose BTC to deeper downside pressure and invalidate the current stabilization attempt.
Long traders hold firm despite weakness
Derivatives traders maintained a cautiously bullish stance even as Bitcoin struggled to regain higher price levels.
The OI-weighted funding rate remained positive at around 0.0040%, indicating that long position holders continued to pay premiums to keep exposure open.
This positive outcome persisted despite the recent correction, indicating that market participants had not yet completely abandoned expectations of a recovery.
Moreover, financing rates recovered significantly after the very negative figures of April and early May.
This shift reflected improving sentiment in the futures market.
Combined with continued foreign exchange outflows and whale accumulation, the financing data paints a picture of traders positioning themselves for stabilization rather than continued capitulation.
If demand continues to strengthen, leveraged participants will likely continue to support a gradual recovery.
Final summary
- Whale portfolios collected more than $190 million as currency balances continued to decline.
- Bitcoin stabilized above $60,600 as oversold conditions indicated recovery potential.