Analyst: Bitcoin Whale Absorbed Market Panic Selling at $60,000, Potentially Forming Key Support Level

BlockBeats News, June 10th, CryptoQuant analyst Woominkyu posted that during BTC's drop to $60,000, retail investors panicked, but on-chain data showed that "smart money" was buying the dip.

Woominkyu stated that on June 2nd and 3rd, dormant wallets transferred a large amount of BTC to exchanges, causing BTC's price to drop from $71,000. When BTC fell to the $60,000 to $61,000 range, the whale ratio on exchanges rose to 61.6%, indicating whale-dominated buying activity that absorbed market panic selling. In the past 5 days, whales withdrew 11,422 BTC from exchanges, valued at around $700 million, and moved them to cold storage, leading to significant net outflows from exchanges.

Woominkyu believes that the transfer of chips from weak hands to strong hands has been completed. After more than 11,000 BTC were taken out of the market, the $60,000 to $61,000 range has formed a key support for the next leg up.