Bitcoin Whales Reduce Large Transactions by 50% in June

Bitcoin has experienced a significant decline in large transactions, with the number of transfers over $100,000 dropping by nearly 50% in June. This decrease suggests that whales, or large holders of Bitcoin, are either exiting the market or choosing to hold their assets rather than actively trading them. The reduction in large transactions indicates a shift in market dynamics, as whales typically influence price movements due to their substantial holdings.

Despite the decline in large transactions, Bitcoin accumulation remains strong. Data from CoinGlass Spot Exchange Netflow shows that a total of $4.68 billion worth of Bitcoin has been accumulated in recent weeks. The highest accumulation occurred between June 9 and 16, during which billions in BTC were moved off exchanges into private wallets, likely for long-term holding. This buy-and-hold strategy may help Bitcoin weather potential downside moves, especially with July’s accumulation trend appearing even stronger.

Further analysis of the Exchange Outflow Mean confirmed increased selling pressure among this group. 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. If this trend persists, it points toward rising sell pressure or profit-taking rather than new bullish inflows.

The Puell Multiple, which identifies overbought or oversold market conditions, sat at 1.2 and is trending downward. This suggests further downside is possible. 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 supports this sentiment. At the time of analysis, it was at 31.4—relatively stable. 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.