Bitcoin Clings Near $61K as Whale Deposits Surge Ahead of $1.9B Options Expiry

Bitcoin trades near $61,300 on June 5 amid intensified selling pressure from surging whale deposits to Binance and a $1.9 billion BTC/ETH options expiry driving downside hedges. The slide followed three days of heavy distribution, with whales dumping 24,602 BTC and short-term holders sending 53,800 BTC to exchanges at a loss on June 3, sparking $1.84 billion in liquidations. Hedge funds cut 52,000 BTC in Q1 holdings, Mt. Gox transferred 116 BTC to Bitstamp, and record miner inflows added supply pressure while $3.5 billion in ETF outflows accelerated the drop below $63,000.