Bitcoin has declined 15.25% from June 1st despite whales maintaining market dominance throughout the period, with recent purchases worth more than $43 million failing to stop the decline. The Bitcoin whale-retail delta shows whales dominating since June 1st, with retail briefly seizing control only on June 8th before whales reclaimed it. Bitcoin fell 17.1% between June 1st and 5th, dropping from an open of $73,674 to a close of $61,056, with whales controlling market activity throughout most of that period. The only major bullish stretch came between June 11th and 15th, when Bitcoin rallied 7.8% from $61,510 to $66,328, but the cryptocurrency remains below the critical 200-week moving average at approximately $61,821. Latest data shows Bitcoin witnessed $169.28 million in liquidations in the past 24 hours, with $548.72 million being bullish bets, representing the largest single-day liquidations since the price crash toward $60k that occurred on June 4.
Despite whale buying activity, Bitcoin slipped below $63,000 as selling pressure intensified across the board, demonstrating that whale support may not be sufficient to reverse the current downtrend. One whale bought 500 Bitcoin—worth roughly $32.31 million—from custodian BitGo and moved the coins to a private wallet, signalling a higher likelihood that the investor intends to hold for the long term. A traditional digital asset manager added to the buying, scooping 166.24 Bitcoin worth $10.74 million at the time and lifting its wallet balance to 4,515 BTC, worth $288.4 million. Netflow measures between June 8th and the time of writing showed the largest sell netflow reached $59.55 million on June 11th, while the largest buy netflow hit $161.54 million, indicating that until sustained buying pressure emerges, Bitcoin could remain range-bound and struggle to reclaim higher levels.
Despite the sharp decline across major cryptocurrencies, privacy coins DASH and XMR bucked the selloff, losing less than 1% during Tuesday's crypto selloff. DASH lost just 0.2% since midnight and XMR about 0.7%, demonstrating relative strength compared to the broader market decline. The same cannot be said for zcash (ZEC), a rival privacy coin that was hit by an AI-inspired exploit earlier this month, which lost 4.2% over the same period, falling in line with the broader altcoin market. AI tokens FET, RENDER and TAO also struggled, dropping 3%-5% as negative sentiment from tech stocks spilled over into crypto. The average crypto relative strength index (RSI) is currently at 39.05, suggesting "oversold" conditions that could pave the way for a bounce or a relief rally over the course of the day. This technical indicator suggests that despite the current weakness, the market may be approaching levels that could trigger a potential recovery.
The Bitcoin supply in profit reached its lowest level in years, with crypto analyst CW8900 observing that the supply in profit recently fell below a rising trendline from 2012, a sign of weakness greater than in previous cycles. Analyst Axel Adler Jr. used the adjusted NUPL metric to show that most of the past three months were spent with the aNUPL line below zero, meaning the majority of the past 90 days saw the market facing unrealized losses. The short-term holder realized cap drawdown reached 56%, deepening from -26% three months ago, while the long-term holder realized cap drawdown was near zero, highlighting that market participants were facing stress but this stress was disproportionately on the STH group. The current reading was only -0.14 compared to the -0.4 extremes of previous cycles, indicating that while the cycle bottom might have been achieved, the market has not yet reached capitulation extremes. Glassnode noted that traders on the decentralized exchange Hyperliquid were increasingly taking up long positions despite bearish price trends, creating amplified risk of a squeeze that could force aggressive liquidations.
US spot Bitcoin ETF outflows hit a record $6.35 billion over 30 days through mid-June, marking the worst performance of 582 rolling windows tracked by Galaxy Research. Bitcoin ETF outflows have since cooled 87% from their early-June peak, suggesting that the most intense institutional selling may be passing. The Coinbase premium has widened to the downside, a sign that US institutional buying remains tepid, creating additional pressure on Bitcoin's price. Strategy's STRC preferred stock has fallen further, briefly dipping below $84, with analysts noting there was no immediate blow-up risk but that the 'what if they need to sell?' overhang around Strategy is real and is keeping a lid on sentiment. In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024, while RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. The key battleground remains whether Bitcoin can ultimately hold the recent low of $60,000 and the support of the 200-week moving average, with 244,041 people worldwide liquidated with $1.146 billion in total liquidations during the recent decline.
