- Bitcoin whales accumulated 11,422 BTC as the price fell toward $60,000, signaling confidence despite growing market fear.
- The large withdrawals from exchanges have strengthened the $60,000–$61,000 zone as a key support level.
Bitcoin whales are stepping in as fear spreads across the crypto market, accumulating large amounts of BTC while prices hover near the critical $60,000 level.
Recent on-chain data shows that large investors have been actively buying Bitcoin between $60,000 and $61,000. At the same time, thousands of coins have been withdrawn from exchanges, reducing immediate selling pressure and strengthening support around current levels.
Whale Accumulation Increases as Bitcoin Drops
According to CryptoQuant analyst Woominkyu, whale investors aggressively accumulated Bitcoin during the latest market decline.
The buying activity became noticeable after Bitcoin fell into the $60,000 to $61,000 range. During this period, the Exchange Whale Ratio climbed to 61.6%, indicating that large holders accounted for a significant share of exchange transactions.
This suggests whales were absorbing the panic selling coming from smaller investors who reacted to the sharp price decline.
Over the last five days, whale wallets withdrew 11,422 BTC from exchanges. At current prices, the withdrawn coins are worth roughly $700 million.
Long-Dormant Bitcoin Triggered Selling Pressure
Before the recent decline, a large amount of Bitcoin that had remained inactive for years was moved to exchanges.
This pushed Inflow Coin Days Destroyed (CDD) to 2.16 million. The metric measures the movement of older coins and often signals increased selling activity when it rises sharply.
The transfer of dormant Bitcoin added pressure around the $71,000 price level and contributed to the broader market sell-off. However, as prices moved lower, whales appeared willing to absorb the additional supply entering the market.
Bitcoin Supply on Exchanges Continues to Shrink
The 11,422 BTC withdrawn by whales were transferred to cold wallets rather than remaining on exchanges. As a result, exchange netflows turned sharply negative. This means fewer coins are available for immediate sale, reducing potential selling pressure.
Woominkyu described the trend as a classic transfer of Bitcoin from “weak hands” to “strong hands.” In many cases, this pattern emerges when experienced investors accumulate assets during periods of fear and uncertainty.
The analyst believes the $60,000 to $61,000 range is becoming an important support zone due to the strong buying activity seen in that area.
What Comes Next for Bitcoin?
Despite the whale accumulation, Bitcoin remains under technical pressure. Short-term indicators still point to weakness, with Bitcoin trading below key moving averages. However, continued buying by large investors could help stabilize the market if support holds.
If Bitcoin successfully defends the $60,000 level, analysts expect a recovery toward the $63,000 to $66,000 range in the near term. A stronger rebound could open the door to prices between $66,000 and $70,000 over the medium term.
On the other hand, losing the $60,000 support level could trigger another wave of selling and push Bitcoin toward lower support zones.
For now, on-chain data suggests that while fear remains high among retail traders, whale investors continue to accumulate Bitcoin and reduce the amount of BTC available on exchanges.
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