Bitcoin attracted notable accumulation activity as large holders removed substantial amounts of $BTC from exchanges.
As reported by Lookonchain, a whale withdrew 2,341 $BTC worth approximately $144.68 million from OKX over five days.
In addition, three newly created wallets accumulated another 737.7 $BTC valued at roughly $45.6 million from BitGo.
Combined, the purchases exceeded $190 million, highlighting renewed interest from deep-pocketed investors despite Bitcoin’s recent correction.
The timing of these withdrawals attracted attention because they coincided with $BTC trading near multi-month lows.
Rather than moving coins toward exchanges, these entities transferred holdings into private wallets.
As a result, the activity suggested reduced selling intentions and reflected growing confidence among large investors seeking exposure during the market downturn.
Bitcoin exchange reserves continue shrinking
Beyond the whale transactions, broader exchange flow data also pointed toward persistent accumulation behavior.
On the 11th of June, Spot Inflows reached just $68.52K while outflows climbed to $290.17K, producing a net negative balance.
This imbalance extended a trend that had persisted for several sessions as more Bitcoin left trading venues than entered them.
Such conditions often reduce the immediately available supply because fewer coins remain accessible for sale on exchanges.
While price performance remained weak during the period, investors continued withdrawing assets instead of depositing them.
The divergence strengthened the accumulation narrative already visible in whale wallet activity.
Furthermore, sustained outflows frequently reflect improving long-term conviction, especially when they appear alongside large-scale withdrawals from major custodians and exchanges.
Can Bitcoin reclaim lost ground?
Bitcoin [$BTC] experienced heavy selling pressure after breaking below its ascending channel structure that had guided price action for several months.
The decline pushed $BTC through the important $73,800, $70,000, and $65,657 levels before buyers responded near the $60,600 support zone.
Following that sharp drop, the asset stabilized and recovered toward $62,566 at the time of observation.
Although the rebound offered some relief, Bitcoin still traded beneath former support levels that had now turned into resistance.
The Relative Strength Index fell to 28.93, placing the indicator firmly within oversold territory after spending weeks in decline.
Such readings historically reflected exhausted selling pressure and often preceded short-term recovery attempts.
Any sustained recovery would likely require buyers to reclaim $65,657 before challenging the $70,000 area again.
Meanwhile, the $60,600 support remained critical because another breakdown 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 approximately 0.0040%, indicating that long-position holders continued paying premiums to keep exposure open.
This positive reading persisted despite the recent correction, suggesting that market participants had not fully abandoned expectations of a rebound.
In addition, the Funding Rate recovered significantly from the deeply negative readings recorded during April and early May.
The shift reflected improving sentiment across the futures market.
When combined with persistent exchange outflows and whale accumulation, the funding data paint a picture of traders positioning for stabilization rather than continued capitulation.
If demand strengthens further, leveraged participants would likely continue supporting a gradual recovery.
Final Summary
- Whale wallets accumulated over $190 million as exchange balances continued declining.
- Bitcoin stabilized above $60,600 while oversold conditions hinted at recovery potential.
