Woofun AI reports that Bitcoin is holding near $60,000 as deposit inflows surge to levels comparable to the 2022 bear market, erasing gains from February through the April-May range. Technical indicators confirm a bearish structure with the 50-day moving average at $69,421, the 100-day at $71,540, and the 200-day at $75,689, all positioned above price and declining. The 50-day line has crossed below the longer-term averages, while the RSI sits at 31.22, approaching oversold territory without confirming a reversal.

Monitored by Woofun AI, on-chain data reveals significant pressure as BTC tested $60,000, driving approximately 220,000 BTC into Binance deposit addresses and 330,000 BTC into OKX. This combined total of 550,000 BTC represents the largest inflow spike in the 2022-2026 dataset, matching peaks from the 2022-2023 bear market. These volumes register at roughly 3.5x normal yearly averages for both exchanges, indicating intent-to-sell positioning rather than confirmed sales.

Whale signals present a dual narrative where the Whale Accumulation Indicator shows continued growth in whale wallet categories during the decline from $125K to $60K. Simultaneously, the Exchange Whale Ratio remains elevated, suggesting a significant share of BTC flowing onto exchanges originates from large holders. Historically, this metric correlates with near-term selling pressure, implying whales are accumulating net positions while routing some holdings to exchanges for liquidity or partial profit-taking.

The break below $60,000 triggered a reactive response among retail and mid-tier holders, leading directly to the spike in deposit-address inflows. While the data does not confirm that the 550,000 BTC were sold, it highlights a market under sustained selling pressure with unusually large supply staged on exchanges. The elevated Exchange Whale Ratio suggests near-term volatility is likely, with open interest rebuilding and ETF flows serving as key signals to determine if staged supply is sold or withdrawn. This marks a critical juncture where supply staging mirrors historical capitulation phases.