Bitcoin fell below $60,000 again Wednesday as large stakeholder wallets continued cutting exposure during the latest market selloff.
BTC traded near $59,300, after dropping from an intraday high above $63,000 to a low near $59,100. The move returned Bitcoin to the same weak zone it first revisited earlier in June, when the market broke below $60,000 for the first time since October 2024.
Santiment said wallets holding between 10 and 10,000 BTC have sold 45,074 BTC over the past eight days. That cohort is widely watched because it includes larger traders, funds, early holders, family offices, miners, corporate-linked wallets and other entities large enough to affect liquidity without being the very largest exchange or custodian wallets.
The selling pressure adds another onchain layer to Bitcoin’s drop. Price weakness was already being driven by ETF outflows, exchange inflows, weak tech stocks and pressure around Bitcoin treasury companies. The Santiment data shows that the latest breakdown is not only a derivatives flush. A major wallet cohort has been distributing coins into the decline.
Large Holders Add Supply Into Weak Demand
The 45,074 BTC reduction equals roughly $2.7 billion at current prices. Those coins do not need to hit the market in one block to pressure price. Gradual selling from large wallets can weaken bids over several sessions, especially when spot buyers are already hesitant and exchange liquidity is thinner during fast declines.
The timing lines up with other sell-side signals. CryptoQuant analyst Darkfost flagged 7,600 BTC flowing into Binance, worth about $479 million when Bitcoin traded near $63,000. Exchange inflows do not confirm immediate selling, but large transfers into Binance during a falling market often raise concern that more supply is ready to be sold, hedged or posted as collateral.
ETF flows have also weakened. Farside data showed U.S. spot Bitcoin ETFs posted $182 million in net outflows on June 23, with GBTC losing $113.8 million while IBIT still attracted $23 million. The mixed fund-level picture shows that institutional demand has not disappeared, but it is no longer absorbing every wave of spot selling.
The combination is now clear on the chart: large wallets are reducing balances, exchange inflows have increased, ETF demand has softened, and Bitcoin has failed to hold the $60,000 threshold.
Strategy Pressure Adds To Bitcoin Sentiment
Bitcoin’s latest break also lands while Strategy-linked securities are under heavy pressure. STRC fell to a new all-time low near $81.60, extending the discount in one of Strategy’s preferred-stock funding tools. The preferred stock had already been weakening as Bitcoin’s slump tested demand for Strategy’s financing stack.
Strategy’s common stock has also been hit as Bitcoin trades below the company’s average BTC purchase price. The firm holds 847,363 BTC at an average cost of $75,651, meaning the treasury remains deeply underwater at current prices. That does not imply forced selling, but it keeps investors focused on dividend obligations, cash reserves, preferred-stock pricing and the cost of future Bitcoin purchases.
The broader market is also less supportive. Tech stocks have been under pressure, AI-linked equity trades have weakened, and crypto is trading more like a risk asset than a hedge. Bitcoin has not decoupled from that environment. It is moving with liquidity stress, not against it.
Recent onchain data had already kept the Bitcoin bottom call unsettled, with realized losses still below prior capitulation levels. The new Santiment wallet data adds a stronger distribution signal from mid-sized and large holders, but it still does not confirm capitulation by itself.
$60K Turns Into The Immediate Reclaim Level
Bitcoin’s first support now sits around $59,100 to $59,000. A clean break below that area would expose the $58,000 to $57,500 liquidity zone, where prior intraday wicks and leveraged-position clusters could attract the next reaction.
The recovery path starts with $60,000. BTC needs to reclaim that level quickly to prevent the breakdown from becoming a new resistance shelf. Above that, $62,500 and $63,000 are the next levels buyers need to clear before the latest selloff loses pressure.
Bitcoin is trading below $60,000, Santiment’s 10 to 10,000 BTC wallet cohort has cut holdings by 45,074 coins in eight days, and ETF data still shows fresh net outflows from June 23. A recovery now needs spot buyers to absorb the large-wallet distribution and push BTC back above $60,000 before exchange inflows and weak fund demand pull price deeper into the high-$50,000 range.
