Whales Go Quiet, $190M, and Exchanges Are Getting Dumber by the Minute 🐳

Large Bitcoin holders removed more than $190 million worth of BTC from trading venues over the past week, according to on-chain data tracked by Lookonchain. A single wallet withdrew 2,341 BTC, valued at approximately $144.68 million, from OKX across a five-day window, while three newly created wallets accumulated an additional 737.7 BTC worth roughly $45.6 million from BitGo. The transactions coincided with Bitcoin trading near multi-month lows, with recipients shifting the coins into private wallets rather than back onto exchanges.

Exchange flow data pointed in the same direction. On June 11, Spot Inflows totaled just $68.52K while outflows reached $290.17K, producing a net negative balance that extended a pattern of withdrawals seen across recent sessions. The imbalance reduced the immediately available supply of Bitcoin on trading platforms, as more coins left exchanges than entered them.

Bitcoin faced heavy selling pressure after breaking below an ascending channel that had guided price action for several months, dropping through the $73,800, $70,000, and $65,657 levels before buyers responded near the $60,600 support zone. The asset subsequently stabilized and recovered toward $62,566 at the time of observation, though it remained beneath former support levels that have turned into resistance. The Relative Strength Index fell to 28.93, placing the indicator firmly within oversold territory after weeks of decline, a reading historically associated with exhausted selling pressure. A sustained recovery would likely require buyers to reclaim $65,657 before challenging the $70,000 area again, while a break below $60,600 could expose $BTC to deeper downside.

Derivatives traders maintained a cautiously bullish stance even as Bitcoin struggled to regain higher price levels. The OI-Weighted Funding Rate remained positive at approximately 0.0040%, reflecting continued long positioning in the futures market despite the recent correction.