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Analyst: As Bitcoin drops to $60k, major whales absorb market panic selling, potentially forming a key support level in this range

MarsBitNews
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Mars Finance News, June 10th, CryptoQuant analyst Woominkyu stated that during BTC's drop to $60,000, retail investors experienced panic, but on-chain data shows that "smart money" is accumulating at the bottom. Woominkyu said that from June 2nd to 3rd, long-dormant wallets transferred large amounts of BTC to trading platforms, pushing the BTC price down from $71,000. When BTC fell into the $60,000 to $61,000 range, the whale ratio on trading platforms rose to 61.6%, indicating that whales dominated buying activity and absorbed market panic selling. Over the past 5 days, whales withdrew 11,422 BTC, worth about $700 million, and transferred it to cold storage, resulting in a deep net outflow from trading platforms. Woominkyu believes that the transfer of chips from weak hands to strong hands has been completed; after more than 11,000 BTC were moved out of the market, the $60,000 to $61,000 range has become a key support level before the next rally.
BTC-2.53%
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