Whale Wallet Wipeout: 188K BTC Goes Bye-Bye as Bitcoin's $62K Support Zone Enters 'Survival Mode'

Bitcoin's [$BTC] market structure is facing a key test. Recent data indicates a clear shift in whale behavior as large holders are no longer accumulating; instead, they are distributing.

According to recent data, addresses holding between 1K–10K $BTC have flipped to net sellers. Over the past year, whale holdings have declined by 188K $BTC. This comes after a strong accumulation phase in 2024, where over 200K $BTC was added. Such a shift isn't just temporary noise—the market is experiencing structural selling pressure, as the 365-day trend indicates a downward shift.

Short-term holders and traders aren't helping matters either. The number of active addresses sending $BTC to exchanges has surged sharply over the past few days. This collective withdrawal activity could intensify the anticipated bearish pressure further.

Adding insult to injury, Bitcoin mining firm Riot Platforms recently sold another 500 $BTC worth roughly $34.13 million. When combined with whale distribution, these moves reinforce downside pressure.

Bitcoin is currently trading near a key demand zone between $62K and $65K. This level has served as a support base in recent sessions, but now the stakes are higher. If this zone holds, it could absorb the ongoing sell pressure and preserve the broader bullish structure. Failure to defend this zone could shift market structure entirely.

A breakdown would signal that selling pressure has overwhelmed demand, potentially sending Bitcoin into a deeper correction phase. On the flip side, strong spot demand at this level could stabilize $BTC's price and trigger a rebound.

All eyes are on the $62K–$65K zone. If buyers hold their positions despite piling bearish signals, the bullish structure survives. If not, the market could be heading for a shift.

Meanwhile, XRP decided to join the downside party, trading below $1.30 and facing resistance near $1.3240 and $1.3340. The price failed to stay above $1.320 and extended its decline, underperforming Bitcoin and Ethereum. A low was formed at $1.2801, and the price is now consolidating losses.

If there's a recovery move, the price might face resistance near $1.320, with major resistance at $1.3240 (50% Fib retracement level) and $1.3340. A close above $1.3340 could send the price toward $1.350, with the next hurdle at $1.3650. Further gains might push toward $1.380 and $1.40, with the next major hurdle near $1.4120.

If $XRP fails to clear $1.3340, it could start a fresh decline. Initial support is