After a sharp decline in the crypto market, bargain buyers emerged, with several whales and renowned traders contrarian adding to their positions in BTC and ETH.

**Crypto Market Update (June 6): Bitcoin, Ethereum Tumble as Traders Snap Up Dips Amid Bottom Talks** HTX market data shows Bitcoin dipped below $60,000 on Tuesday, marking its first fall below that threshold since October 2024, and was trading at $61,091 at press time. Ethereum also broke below $1,600, hitting a current price of $1,583 with an 8.8% loss over the past 24 hours. Total liquidations across crypto networks hit $1.829B in the same period: $1.457B came from long positions, while $0.372B stemmed from short liquidations. Against this broader selloff, several prominent traders have stepped in to buy the dip and share market signals. Renowned trader Killa (@KillaXBT) told followers he opened a long Bitcoin position with a stop-loss at $31,950 and a $160,000 target. The trader noted his current holdings mix spot positions and low-leverage trades, warning peers to watch for potential pullbacks. Killa added that after Bitcoin dropped below $60k this session, large buy walls emerged in the market—a pattern that historically leads to short-term price suppression followed by a rebound. Geoffrey Kendrick, Digital Asset Research Director at Standard Chartered Bank, weighs in on the slump: Kendrick says Bitcoin’s bottom is "almost formed," making the current price range a long-awaited buying opportunity for investors. The key trigger for this recent drop, he points out, is Strategy’s sale of 32 Bitcoin. Drawing on historical precedent from late 2022, Kendrick notes Strategy is likely to conduct a much larger buyback soon—potentially 10 to 100 times the size of its recent sell. If that buying pressure materializes, Kendrick argues, it will be a major signal the market has bottomed out. Crypto influencer Ansem is more cautious: he advised retail investors not to rush to "catch a falling knife" and instead wait for the bottom to fully stabilize before entering positions. Jiang Zhuo’er, founder of BTC.TOP mining pool, has taken action on Ethereum: he repurchased all his previously sold Ethereum positions at an average price of $1,645, after liquidating at prices between $2,200 and $2,400. Zhuo’er expects Bitcoin to rally in the next 1 to 3 days, and plans to sell his Ethereum holdings again during that rebound. He added that Bitcoin failed to break through strong support at $60k, and sell-offs from U.S. institutional players like ETFs are slowing—factors pointing to a possible crypto market rebound over the weekend. On-chain data shows whales are also scooping up dip buys: one whale trading under the label "Sets 10 Big Targets" opened a long position on 2,835.32 Bitcoin at $60,153.8, worth roughly $170 million. Multiple ETH-focused whales are also buying the dip: an OTC whale with address 0xFB bought 29,000 ETH from FalconX, worth around $46.69 million. This whale now holds approximately 187,460 ETH, valued at $296.19 million. Another whale (0x2bd) borrowed 100 million USDT from Aave since yesterday to buy 59,742 ETH, bringing its total ETH holdings to ~133,800 units worth $212 million. Wang Chun, co-founder of F2Pool, appears to be a dip buyer too: he withdrew 9,719 ETH from Binance half an hour ago, a purchase worth $16.16 million. Whale 0xc70, meanwhile, borrowed 76.42 million USDT from Aave and used it to buy 44,845 ETH at an average price of $1,704.