Bitcoin Falls Below $60K Again as Key Wallets Dump 45,074 BTC

Published: 2026-06-24 22:50:09 |

Bitcoin fell below $60,000 again on Wednesday as large stakeholder wallets reduced exposure during the latest selloff. BTC traded near $59,300 after dropping from an intraday high above $63,000 to a low near $59,100. Santiment data shows wallets holding 10 to 10,000 BTC sold 45,074 BTC over the past eight days, adding a fresh on-chain distribution layer. The price weakness also aligns with macro/flow factors: U.S. spot Bitcoin ETFs recorded $182M net outflows on June 23, led by GBTC (-$113.8M) with IBIT still positive (+$23M). Separately, CryptoQuant flagged a Binance inflow of 7,600 BTC (about $479M when BTC was near $63,000), which can indicate supply being readied for selling, hedging, or used as collateral. Traders now focus on levels: support is around $59,100–$59,000. A clean break could expose $58,000–$57,500 liquidity, while a recovery depends on reclaiming $60,000 quickly to prevent it from turning into resistance. Bitcoin is still trading like a risk asset, with weaker demand absorption as ETF flows soften.

Bearish

Bitcoin trading below $60K is reinforced by multiple concurrent sell-side signals. Santiment’s finding that wallets holding 10–10,000 BTC sold 45,074 BTC in eight days is a direct on-chain distribution cue, which tends to pressure spot bids across several sessions (similar to past “breakdown + large-holder sell” episodes where $60K-type round-number levels repeatedly flip from support to resistance). At the same time, June 23 ETF outflows ($182M net) reduce institutional demand’s ability to absorb spot selling. Finally, the Binance inflow of 7,600 BTC during the decline increases the odds that additional supply is prepared for selling or used for hedging/collateral. Short term, this setup raises the probability of retests or further downside toward the cited $58K–$57.5K liquidity zone if $59.1K–$59K fails. Long term, the bearish pressure can ease only if Bitcoin rapidly reclaims $60K and spot buyers start absorbing distribution while ETF flows stabilize; otherwise, the market may remain trapped in a risk-off, liquidity-stressed trading regime.