ChainCatcher reported that CryptoQuant analyst Woominkyu stated in a post that Bitcoin whale selling has ended. According to the post, total whale holdings turned upward after falling for 12 consecutive days, while the Bitcoin price rebounded to $65,704.89. The update centers on the change in positioning among large BTC holders and places that shift alongside the latest price rebound cited in the report.
On-chain changes from June 5 to June 10
Woominkyu also referred to the period from June 5 to June 10, when Bitcoin was near a stage low of $61,400. During that period, the exchange whale ratio once rose to 62.3%. At the same time, more than 11,400 BTC flowed out of exchanges into cold wallets, showing a movement of coins away from trading platforms and into cold wallet addresses as described in the ChainCatcher item.
In Woominkyu’s view, the transfer of chips during this round of decline has been largely completed. The key points in the report are therefore the reversal in total whale holdings after 12 days of decline, the temporary rise in the exchange whale ratio to 62.3%, and the outflow of more than 11,400 BTC from exchanges to cold wallets during the June 5 to June 10 window.