Bitcoin Whale Transactions Hit Six-Week High During Drop to $70K

Highlights:

• Bitcoin whale transactions reached their highest level since April 22 as BTC tested the $70,000 support zone.
• Bitcoin ETFs recorded $483.76 million in outflows, extending the sector’s losing streak to 11 sessions.
• Rising geopolitical tensions and weaker crypto demand pushed Bitcoin lower during the latest market selloff.

Bitcoin has recorded its highest number of transactions above $100,000 since April 22, according to Santiment Intelligence data. The surge appeared on June 1 as Bitcoin dropped from the $74,000 area and tested the $70,000 support zone. Santiment said similar increases in large transactions have historically coincided with whale accumulation during periods of market weakness.

🐳 As Bitcoin dipped as low as $70,011, our on-chain data indicates the network saw the most transactions valued at $100K or more since April 22nd. This is historically a strong sign of whale accumulation.

🔗 Track $BTC whale activity here on this chart: https://t.co/voRQUWucDF pic.twitter.com/KnOeOiho3y

— Santiment Intelligence (@SantimentData) June 2, 2026

The previous major spike occurred on April 22 when Bitcoin traded near similar levels. Bitcoin later recorded a relief bounce after whale activity increased. While the latest signal does not guarantee another recovery, it shows that large holders became more active during the recent decline.

Recent on-chain data showed whale and dolphin accumulation slowed near $74,000. However, Santiment said the latest spike in large transactions showed no strong selling signal and suggested whales may be accumulating Bitcoin.

ETF Outflows and Macro Pressure Deepen Bitcoin Selloff

Several factors have pushed Bitcoin lower during the recent market decline. Geopolitical tensions, ETF outflows, and Strategy’s Bitcoin sale pressured the latest market sentiment. Rising tensions between the United States and Iran increased fears of broader instability across global markets. At the same time, concerns about disruptions in the Strait of Hormuz have encouraged investors to move away from volatile assets. Bitcoin has reacted like a risk-sensitive asset during the current market uncertainty.

In addition, selling pressure emerged after Strategy sold part of its Bitcoin reserves. The company sold 32 BTC worth about $2.5 million to fund preferred-share dividend payments. Although the amount represented a small portion of its holdings, the news arrived during an already weak market.

Breaking: Strategy Sells Bitcoin for First Time Since 2022 Tax-Loss Trade

According to an 8-K filing with the SEC, Strategy sold 32 BTC between May 26 and May 31 for approximately $2.5 million, marking its first Bitcoin sale since it sold 704 BTC in December 2022 for tax-loss… pic.twitter.com/xrhRGfhy8w

— Wu Blockchain (@WuBlockchain) June 1, 2026

Santiment said investors have increasingly favored stocks because of stronger returns and lower volatility. The firm noted that capital has continued moving from digital assets into traditional markets. This trend has created a self-reinforcing cycle that has weakened demand for cryptocurrencies.

📊 The gap between traditional equities and crypto has become increasingly difficult for traders to ignore. From May 6th through June 1st, the S&P 500 has climbed another +4%, while Bitcoin is down -13% and gold -5%. This divergence has led to a growing preference among investors… pic.twitter.com/TMcT32sIvt

— Santiment Intelligence (@SantimentData) June 1, 2026

Meanwhile, Bitcoin ETFs recorded another day of major withdrawals as investors continue reducing exposure. Investors withdrew $483.76 million from Bitcoin investment products on June 1. The June 1 withdrawals extended the negative streak that began on May 15. BlackRock’s IBIT accounted for $440.3 million of the total withdrawals. Morgan Stanley’s MSBT recorded the only inflow at $6.14 million.

Investors withdrew a combined $3.45 billion from Bitcoin investment products during the 11-session outflow streak. The $2.43 billion withdrawn during May marked the largest monthly outflow since November last year.

Bitcoin Whale Transactions Signal A Crucial Market Test

At the time of writing, Bitcoin is trading near $69,595 after falling 4.29% in the past day. If whale transactions remain elevated while Bitcoin stays above $70,000, buyers could view the decline as accumulation. In case of continued activity from large holders, the market could improve and support the long-term price stability of BTC.

A recent analysis by Ali charts supports the bearish trend of BTC. The coin is trading below several critical support zones after a decisive breakdown from the broader rising channel structure. Sellers recently pushed the price below the $74,020 support level and have maintained control since. The decline also forced a break below the 100-day moving average near $71,300. Moreover, Bitcoin lost the 0.5 Fibonacci retracement level, which had previously served as a major defensive area.

Bitcoin bitcoin:native has now broken below several major support levels, further strengthening the bearish outlook.

The breakdown includes:

• Loss of channel support
• Loss of the 100-day SMA
• Loss of the 0.5 Fibonacci retracement level around $71,300

With all three… https://t.co/z6FVVrBF2D pic.twitter.com/mU5snJwQZD

— Ali Charts (@alicharts) June 2, 2026

The price is now hovering between $68,600 and $69,900 after a sharp selloff accelerated bearish momentum. The next major support sits near $65,230. Meanwhile, reclaiming $71,300 remains necessary to weaken the current bearish structure and improve short-term sentiment.