Bitcoin whales pull $190M from exchanges, buy near $60K

Large Bitcoin holders have engaged in a complex pattern of accumulation and distribution over the past week, with significant withdrawals from exchanges coinciding with substantial realized losses by newer investors. This activity has unfolded as Bitcoin's price tested key support levels near $60,000, highlighting a market divided between long-term accumulation and short-term capitulation.

On-chain data from analytics firms indicates a notable trend of large-scale withdrawals from centralized platforms. In recent days, three newly created wallets withdrew a combined 737.7 Bitcoin, worth approximately $45.6 million, from the custody service BitGo. Separately, a known whale address has withdrawn over 2,341 BTC, valued at roughly $144.68 million, from the exchange OKX over a five-day period. Analysts often interpret such movements off exchanges as a bullish signal, suggesting a long-term holding strategy that reduces readily available supply.

This accumulation appears concentrated at lower price levels. Data from CryptoQuant shows that as Bitcoin's price recently declined to a band between $60,000 and $61,000, the Exchange Whale Ratio—measuring the share of the largest inflows...