Although BTC managed to recover some ground in the past week, June remains deep in the red so far, as its first week was particularly painful for the bulls.
One of the reasons behind the asset’s crash to a 19-month low was that large investors, typically referred to as whales, had decreased their holdings by a whopping amount.
Citing data from Glassnode, popular analyst Ali Martinez highlighted the decrease in whales’ holdings by more than 70,000 BTC in a single month. From a USD perspective, this fortune is worth over $4.5 billion even at current prices.
More than 70,000 Bitcoin $BTC have been distributed by whales over the last month, helping explain the recent downside momentum. https://t.co/22IPTSmSJ5 pic.twitter.com/o7FZ3stHdA
— Ali Charts (@alicharts) June 13, 2026
This intense selling pressure only added fuel to the fire that sent bitcoin tumbling to $59,100 on June 5 for the first time since late 2024. The other possible reasons stem from the massive ETF exodus, Strategy’s sale that led to substantial FUD online, and the broader market weakness due to the US-Iran war uncertainty.
While analysts continue to debate whether bitcoin has already bottomed or if there’s more pain ahead, Ali Martinez recently outlined his dollar-cost average targets in case the cryptocurrency keeps dropping to key support levels.
The first is actually close by, as the 200W SMA is located at $62,800. If it gives in, the next one (300W SMA) is at $55,000, followed by the 400W SMA at $42,500.
For now, bitcoin appears to have found solid support and has even reclaimed the $64,000 level over the past day. More volatility is expected today after Trump promised a deal with Iran, but reports from the Middle Eastern country are less hopeful.
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