Whales Make Large-Scale Bitcoin Withdrawals from Exchanges: Implications for Bitcoin's Recovery
In the realm of cryptocurrency, Bitcoin [BTC] has experienced a notable rebound, with the digital asset bouncing back from a local low of $111,000 to $117,421. However, it later retraced to $115,411, according to recent data.
The recovery seems to be linked to a decrease in selling pressure and an increase in whale accumulation. Historically, reduced selling activity from large holders while they accumulate has preceded higher upward pressure on price, often a prelude to higher prices.
According to data from Checkonchain, MegaWhales and Exchanges (holding more than 10,000 BTC) posted a balance change of -20.36K BTC, indicating that withdrawals outweighed deposits, suggesting accumulation rather than selling. This trend is further supported by the Exchange Whale Ratio, as reported by CryptoQuant, which fell to a 12-day low of 0.43, suggesting fewer whales are sending their BTC to exchanges compared to overall flows.
This trend of whales pulling coins off exchanges has been evident in recent days. One significant move was made by an entity controlling eight Satoshi-era wallets that moved about 80,000 BTC after 14 years of inactivity. While the identity of this whale is not definitively known, strong speculation suggests that these wallets belong to Roger Ver, an early Bitcoin adopter who was recently released on bail in June 2025.
The decline in Bitcoin's Spent Volume (SMA-7d) to 529K BTC per day indicates a decrease in the primary wave of sellers at current price levels. This, coupled with the reduced incentives to sell due to Bitcoin's recent poor performance, has contributed to the accumulation trend.
As a result of this accumulation, Bitcoin's Netflow, as reported by CoinGlass, turned negative, reaching a low of -$128 million, a clear sign of aggressive accumulation. If this trend of whale accumulation continues, it could potentially boost Bitcoin's price.
However, it remains uncertain if $112K can hold if sellers reappear in the market. If sellers return, BTC risks retesting the $112K support zone. On the other hand, if whales continue to absorb supply, Bitcoin could reclaim $117K and test $119,600, according to CoinGlass's analysis.
As of press time, Bitcoin traded at $115,601, up 2.45% in 24 hours. The price recovery may be due to the drying up of sellers and the accumulation of Bitcoin by whales. The realised profit fell across cohorts, with long-term holders booking only 7.2K BTC in profit and short-term holders realizing just 1.8K BTC, further supporting the notion of reduced selling pressure.
Our website's analysis suggests that Bitcoin recently rebounded as selling pressure declined while whale accumulation remained constant. The price movement underscores the importance of whale activity in the cryptocurrency market and the potential for significant price swings based on their buying and selling decisions.
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