Whales Gobble $190M in $BTC as Exchange Pipes Run Dry 🐳

Large holders withdrew more than $190 million worth of Bitcoin from centralized venues in recent days, according to on-chain tracker Lookonchain. A single whale pulled 2,341 BTC valued at approximately $144.68 million from OKX over five days, while three newly created wallets accumulated another 737.7 BTC worth roughly $45.6 million from BitGo. The transfers moved the coins into private wallets rather than back onto exchanges, a pattern consistent with accumulation rather than near-term selling.

The activity coincided with BTC trading near multi-month lows. On the 11th of June, spot exchange inflows totaled just $68.52K against outflows of $290.17K, producing a net negative balance. That imbalance extended a multi-session trend in which more Bitcoin left trading venues than entered them, reducing the supply of coins immediately available for sale.

Price action, however, remained heavy. BTC broke below the ascending channel that had guided the market for several months, sliding through the $73,800, $70,000 and $65,657 levels before buyers stepped in near the $60,600 support zone. The asset later stabilized and recovered to $62,566 at the time of observation, though it still traded beneath former support now acting as resistance. The Relative Strength Index sat at 28.93, placing the indicator firmly in oversold territory, while the OI-Weighted Funding Rate stayed positive at approximately 0.0040%, indicating that derivatives traders maintained a cautiously bullish stance.

Analysts noted that the current bounce has attracted less trading volume than the preceding decline, drawing structural comparisons to the early February and late November 2025 sell-offs. After sinking to a $80,600 low in November 2025, BTC traded sideways for roughly two months before briefly breaching $94K and reaching a high of $97,924 in mid-January. At press time, the internal structure's local high stood at $64.5K, a level BTC had failed to reclaim in almost a week, while the 200-week moving average and the 200WMA quantile metric suggested the market may not yet have reached full capitulation. A relief rally toward the $66K–$68K range remained possible, though a subsequent retest below $59K could not be ruled out.