Bitcoin Whales Keep Accumulating, With $190 Million Withdrawn From OKX and BitGo

Large investors known as whales appear to have continued accumulating Bitcoin during the recent price correction.

Lookonchain said on June 10 that wallet address bc1q2t withdrew a total of 2,341 BTC from crypto exchange OKX over the past five days. The holdings are worth about $144.68 million at current prices.

Three newly created wallets also withdrew a combined 737.7 BTC from custodian BitGo, worth about $45.6 million.

Large Bitcoin withdrawals typically signal accumulation for long-term holding because they reduce the amount available for sale on exchanges. The activity is notable because it came as Bitcoin attempted to rebound after falling below $60,000.

Earlier, CryptoQuant contributor Woo Min-kyu wrote in a recent report that whales had actively bought the dip around $60,000. He estimated that about 11,422 BTC had been withdrawn from exchanges over the past five days.