Whales Step In at $60,000
Whales quietly accumulated bitcoin while retail investors panicked near the $60,000 mark, according to crypto data intelligence firm Cryptoquant. The firm said the Exchange Whale Ratio surged to 61.6% at the $60,000–$61,000 bottom, a reading it described as proof that large holders dominated buy-side activity and absorbed the panic.
The Exchange Whale Ratio measures the share of the largest inflows relative to total exchange inflows. A high reading shows that whales are driving exchange activity and when that coincides with coins leaving exchanges, the pattern suggests big players are pulling bitcoin into private wallets and cold storage (tightening the supply available to trade).
The analysis, authored by Cryptoquant analyst Woo Minkyu, painted the past two to three days as the turning point in bitcoin’s latest decline. More than 11,000 BTC left exchanges over the stretch, behavior that typically reflects accumulation rather than distribution. He further added:
“ Whales Quietly Bought the $60k BTC Dip. At the $60k–$61k bottom, the Exchange Whale Ratio surged to 61.6%, proving that whales completely dominated buy-side activity and absorbed the panic.”
Woo Minkyu further believes that coins are now “moving from weak hands to strong hands,” a dynamic that would make the $60,000–$61,000 band an important support level. In any case, the signal lands against a blood red backdrop where Bitcoin.com News recently reported that more than half of all BTC slipped into an unrealized loss amid record exchange-traded fund (ETF) outflows.
Against that fear, the aforementioned accumulation reading is being viewed by analysts as a rare bullish counterpoint.
A Familiar Onchain Tell
Cryptoquant has flagged whale-driven exchange flows before, though not always as a buy signal. Recently, the firm noted that whale deposits hit their highest level since July 2024 near a key resistance, a setup that historically preceded selling. The difference now, Woo Minkyu suggests, is direction as large inflows are being outweighed by even larger withdrawals (with whales absorbing supply at lower prices).
The behavior also echoes earlier 2026 accumulation with Bitcoin.com News reporting that whales accumulated roughly 270,000 BTC over a 30-day stretch as bitcoin tested $75,000, the most aggressive buying since 2013.
Lastly, exchange reserves tell a supporting story as balances held on trading platforms have trended toward multiyear lows through 2026, a backdrop that can amplify price moves in either direction as fewer coins sit ready to sell. If whales keep withdrawing, that squeeze tends to favor the upside.
Looking ahead, the stakes are fairly straightforward, such that if the $60,000–$61,000 zone holds, it would mark the level where strong hands stepped in to defend the market. Bitcoin was trading near $61,300 at the time of writing, just above the band Woo Minkyu identified as support.
