The movements were recorded between June 2 and 3.
“The transfer of wealth from weak to strong hands is complete,” says Woo Minkyu.
The fall of bitcoin (BTC) towards $60,000 not only triggered fear selling among retail investors but also opened an accumulation window for whales.
That is the conclusion of Woo Minkyu, verified CryptoQuant analyst, who notes that whales (addresses with more than 1,000 BTC) executed an aggressive buying strategy during the correction recorded between June 2 and 3, 2026.
According to the report Published this June 10, the fall began when old inactive wallets moved large amounts of BTC to exchanges.
In this framework, the indicator of old coins sent to exchanges (CDD), which measures the age and volume of coins entering these platforms, reached 2.16 million. An uptick in this metric usually indicates that Coins held for a long time move again, which may anticipate selling pressure. In this context, the price fell from $71,000 to the $60,000 area.
However, instead of deepening the retreat, selling pressure found strong demand. “While retailers panicked during the dip to $60,000, on-chain data shows that smart money executed an aggressive dip buying campaign,” Woo Minkyu noted.
The following graph shows precisely that change of hands.
At the top the evolution of the BTC price appears along with the exchange whale ratioa metric that measures the relative weight of transactions from large players within exchange flows.
At the bottom you can see the netflow, an indicator that reflects the difference between the bitcoins that enter and leave the exchange platforms. When this is negative, it means that more coins are being withdrawn than are coming in, generally to self-custody wallets.
Precisely, one of the most relevant data in the report is the magnitude of these withdrawals. During the last five days analyzed (from June 5 to 9), The whales withdrew 11,422 BTC from the exchanges, equivalent to about $700 million at the current market price.
At the same time, large investors withdrew 11,422 BTC from exchanges into cold storage during the last five days analyzed. To Woo Minkyu, This behavior shows that the whales didn’t just buy during the dipbut they absorbed the selling pressure of the market. “The whales completely dominated the buy-side activity and absorbed the panic,” he said.
In that sense, the analyst concluded that “the transfer of wealth from weak to strong hands is complete.”
Based on this data, Woo Minkyu maintains that the area between $60,000 and $61,000 could have consolidated as an important support level for bitcoin.
However, other analysts maintain a more cautious stance. Willy Woo, trader and financial market analyst, believes that BTC could be entering a recovery phase, although he warns that further deteriorations in capital flows They could still generate more downward pressure before forming a definitive bottom.
For his part, Spanish trader Pablo Gil believes that a deeper correction cannot yet be ruled out, as reported by CriptoNoticias. “Taking into account the correction patterns that each crypto winter has had after the halvings throughout the life of BTC, we could see prices of 38,000 or 40,000 per BTC,” he stated.
The price evolution over the next few weeks will allow us to measure whether the whales’ accumulation was enough to sustain the $60,000 area.
The truth is that, for now, The macroeconomic context continues to play against assets considered riskyespecially because of the war in the Middle East. A concrete ceasefire signal on that front could ease pressure on the market and open space for BTC to leave the current bearish trend behind.