Bitcoin Whales Absorb Panic Selling Near $60K Support Level

New on-chain data from CryptoQuant shows that large Bitcoin investors, also known as whales, stepped in to absorb panic selling when the cryptocurrency's price briefly tested the $60,000 support level.

The exchange whale ratio surged to 61.6% during this period, indicating that whales completely absorbed the volume from panic sellers and preventing a deeper price decline.

This behavior aligns with patterns observed during previous accumulation phases, where whales increase their holdings during periods of retail fear and uncertainty.