Foreign media reports that after a rebound in March and April, Bitcoin briefly restored market sentiment, but its fall below $60,000 again in early June significantly cooled this recovery. The article argues that the $60,000 to $70,000 range remains the most important demand zone, but large-scale whale buying alone is insufficient to reverse the longer-term weakness.
Bitcoin previously found support around $60,000. The report, citing on-chain observations, stated that approximately 20% of the circulating supply changed hands within this range, meaning a significant number of positions shifted from short-term holders to longer-term holders. According to this assessment, this round of transfers is among the largest in Bitcoin's history.
Whale holdings rise to a three-month high
On-chain data platform Santiment stated on X that whale addresses holding at least 1,000 BTC currently control 35.82% of the Bitcoin supply, with total holdings reaching 7.17 million BTC, the highest level in nearly three months. The article mentions that some large wallets consider the $61,500 area as a key buying zone.
However, foreign media believe that while such buying on dips may help stabilize short-term sentiment, it may not be enough to change the overall trend. This is because the market is still facing persistent selling pressure, and this pressure has not eased significantly.
Miners and ETF flows continue to exert pressure.
The article states that long-term holders continue to reduce their holdings, and the pressure on Bitcoin miners has not eased. Meanwhile, Bitcoin reserves on exchanges continue to decline, indicating a decrease in readily available shares, but this has not completely offset other sources of selling pressure.
The report also mentioned that the continued outflow of funds from spot Bitcoin ETFs, coupled with selling by some large investors, further exacerbated market caution. Strategy's previous increase in Bitcoin holdings was seen as one of the few positive corporate buying signals.
- Whale address holdings percentage: 35.82%
- Total holdings by whales: 7.17 million BTC
- Key observation range: $60,000 to $70,000
Gold price strength highlights Bitcoin's relative weakness
Crypto analyst Axel Adler Jr. also compared asset performance after the Federal Reserve held rates steady. The article stated that gold quickly rebounded above $4,300 after its pullback, while Bitcoin is still testing short-term support around $64,000.
This comparison reflects that current funds are more inclined towards defensive assets than risky assets. The article argues that if gold continues to attract buying while Bitcoin remains hovering near the low of $63,500, it will further illustrate its relative weakness.
Overall, foreign media outlets believe that Bitcoin's rebound from the $60,000 level remains fragile. If the resistance above $67,000 holds, and miner selling, ETF outflows, and large-scale selling by major holders continue, the price may face downward pressure again.
