Bitcoin loses 50% whale flow! 2 reasons why BTC can still survive
- Large BTC transactions over $100K dropped by 50% in June.
- Bitcoin accumulation remains strong despite mixed sentiment.
Bitcoin [BTC] has maintained a relatively bullish position, hovering around the $106,000 region after reclaiming $108,000 last week.
Yet, market activity pointed towards indicators that Bitcoin could slide lower in a short-term correction before resuming its upward trend. Here’s how that might play out!
$100K+ transactions halve in June
Data from IntoTheBlock, as shown by Ali Martinez, pointed to a steep drop in large BTC transactions.
In June, the number of transfers over $100,000 fell from 34,000 to 17,000—nearly a 50% drop. This dramatic decline suggests whales are either exiting or simply choosing to sit on their holdings instead of actively trading.
Source: IntoTheBlock
829% spike in Exchange Outflow mean…
Further analysis of the Exchange Outflow Mean confirmed increased selling pressure among this group. According to CryptoQuant, the outflow spiked by over 829%, reaching a value of 3.7.
This uptick signals aggressive BTC movement away from exchanges, possibly to cold wallets or converted into other assets.
Source: CryptoQuant
If this trend persists, it points toward rising sell pressure or profit-taking rather than new bullish inflows.
Will the price decline be a major fall?
AMBCrypto analyzed additional metrics to determine whether the anticipated decline reflected a major downturn or a temporary correction.
The Puell Multiple, which identifies overbought or oversold market conditions, sat at 1.2 and is trending downward. This suggests further downside is possible.
Source: CryptoQuant
However, the metric also presents a potential rally opportunity.
If the Puell Multiple approaches 0.4, it would indicate that BTC is nearing oversold territory, historically a zone that has triggered major rebounds.
Similarly, the Network Value to Transactions (NVT) ratio on CryptoQuant supports this sentiment. At the time of analysis, it was at 31.4—relatively stable.
Source: CryptoQuant
A stable reading suggested a balance between bulls and bears, hinting that price could regain equilibrium even if volatility continues.
This is important because it implies that any major dip could simply mark a corrective phase, followed by a strong recovery.
$4.68B in Bitcoin accumulated despite market slowdown
Despite declining whale activity and increasing outflows, accumulation in the market has surged.
CoinGlass Spot Exchange Netflow data showed a total of $4.68 billion worth of Bitcoin accumulated in recent weeks.
Source: CoinGlass
The highest accumulation occurred between June 9 and 16, when billions in BTC were moved off exchanges into private wallets—likely for long-term holding.
This buy-and-hold strategy may help BTC weather potential downside moves, especially with July’s accumulation trend appearing even stronger.