CryptoQuant analyst Woominkyu observed a crucial moment in Bitcoin's price action on June 2nd and 3rd. During this time, dormant wallets moved a significant amount of BTC to exchanges, causing the price to drop from $71,000 to around $60,000.
This move triggered panic selling among retail investors, but data showed that 'smart money' was buying the dip. The whale ratio on exchanges rose to 61.6%, indicating dominant buying activity by whales.
Whales withdrew 11,422 BTC from exchanges in the past five days, valued at around $700 million, and transferred them to cold storage. This net outflow from exchanges has led Woominkyu to believe that the transfer of assets from weak hands to strong hands is complete.
The $60,000 to $61,000 range now serves as a key support level before the next leg up in Bitcoin's price. Woominsky stated this after the withdrawal of over 11,000 BTC from the market.