Bitcoin is struggling below $62,000 as selling pressure and fear continue to define the market environment. Doubts are true – but senior researcher Woominkyu has published a chain analysis that reveals what was going on at the critical moment. And the picture they paint seems to be very different from the crabby story that dominated market reviews at the time.
Collaborative Reading
The on-chain content tells the story in two separate transactions. The first step was to initiate. On June 2nd and 3rd, the old wallets moved a lot of things to the exchanges – the Inflow Coin Days Destroyed metric reached 2.16 million, showing the long-held funds suddenly being moved to the sell side at the same time. This shock caused the price to drop from $71,000, which led to the crash that followed.
The second step is where data becomes the most important part of the analysis. At $60,000 to $61,000 below, the Exchange Whale Ratio rose to 61.6%. Proving that the participants in the capital market dominated the buying process during the worst of the downturn. When the sellers participants were panicking and selling weakly, the whales were waging an aggressive and systematic campaign to accumulate at the very prices that panic had caused.
The difference between what the sellers did and what the smart money did at $60,000 shows Woominkyu’s analysis.
11,422 BTC Sweeps Exchange 5 Days
The splash of water that follows the mass of whales completes the Woominkyu image analysis they gather. In the five days following the $60,000 to $61,000 bottom, the whales withdrew 11,422 BTC – about $700 million – from the exchange to cold storage. Netflow exchanges became more negative as funds that had entered during the panic were moved away from places where they could be resold.
Bitcoin price vs. Exchange Whale Ratio | Source: Woominkyu on CryptoQuant
Behavioral processes are precise and deliberate. The whales aggressively bought down using fear to sell their trading partners to him. They then removed the money from the exchange entirely – taking it out of the immediately available stock and putting it in cold storage where it couldn’t quickly re-enter the market.
The result is a larger fluid drain. More than $700 million worth of Bitcoin that was briefly found on exchanges during the worst of the downturn was put into long-term custody in less than a week. The order book is smaller than it was before the fall. Stocks that are sold below are held by those who have shown their behavior that they have no intention of reselling at current prices.
Woominkyu’s decision follows in sequence. The transfer of wealth from weak hands to strong hands is complete. Funds of $60,000 to $61,000 have been confirmed as real institutional deposits – secured on a large scale, collected systematically, and immediately withdrawn from liquid circulation. These characteristic fingers establish the ground from which the next leg is systematically possible.
Collaborative Reading
Bitcoin Sticks to February Support
Bitcoin remains under pressure on a daily basis. The price is trading near $61,400 after suffering one of the lowest lows of 2026. The chart shows a definite breakdown below the critical area of $64,000-$66,000 that had been sitting under the February-March consolidation. When this spot failed, sellers quickly pushed BTC to the bottom of its wide range, which led to a quick move to the critical $60,000 level.
Bitcoin trading below key level | Source: BTCUSDT chart on TradingView
The current design is technically fragile. Bitcoin is trading below the 50-day, 100-day, and 200-day lows, all three are down. This alignment ensures that bearish trends remain dominant in the short, medium, and long term. Obviously, the recent attempt to recover from the $60,000 area has been weak. Only release a small amount even though the sales volume increases during the selloff.
Collaborative Reading
From a market perspective, the most important thing is that Bitcoin is now retracing the same position that produced the February low. The area between $60,000 and $62,000 has been the last line of defense preventing a rebound. A firm hold above this area can cause the price to stabilize and build a base.
Definite damage can leave very little to no support. Increasing the risk of another phase of increasing volatility.
Image from ChatGPT, TradingView.com chart
