Bitcoin panic selling is over: whales bought the bottom and reversed the trend
The Bitcoin market has experienced one of the most telling phases of capital redistribution in recent weeks. My on-chain data analysis confirms: large holders (whales) have not only stopped selling but have actively bought up panic sell-offs, triggering a powerful price rebound to $65,704.89. This marks the complete completion of the cycle of transferring coins from less resilient players to institutional and experienced accumulators.
The key signal is the reversal in the aggregate supply of whales (wallets with a balance of 100 BTC or more). On June 14, after a twelve-day decline, this indicator officially turned upward. This coincided with a sharp reduction in the inflow of old coins to exchanges and a strong price recovery. The process unfolded in three phases.
How the sell-off and absorption developed
First phase (June 1–4): Old coins flooded exchanges. The Inflow CDD (Coin Days Destroyed) indicator surged to 2.16 million, crashing the price from $71,300 to $63,800. This was a classic panic sell-off by long-term holders who could not withstand the pressure.
Second phase (June 5–10): At the low of $61,400, whales stepped in. Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow (Negative Netflow). The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow, rose to 62.3%. Whales literally "absorbed" panic sales, creating strong demand at the bottom.
Third phase (June 11–14): As sellers exhausted, an acute supply shortage emerged in the market. Inflow CDD dropped from 2.16 million to nearly zero—just 33,000. This indicates a complete halt in selling by large holders. A reversal instantly formed, and the price bounced back to $65,700.
Why a solid bottom formed
My conclusion is unequivocal: the capital flow from less resilient holders to large accumulators is complete. Whales have cemented the $60,000–$61,500 range as a strong support level for BTC's price. The reversal in the aggregate supply of whales on June 14 is not a short-term technical bounce but a change in the very structure of the market. The available supply for sale on exchanges is shrinking, while accumulated coins are moving into long-term storage.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The logic is simple: sellers are becoming fewer, while demand from large players remains high.
My professional assessment: if whales continue to hold their positions and do not start taking profits in the coming days, we could see a test of the $68,000–$70,000 zone as early as this week. However, it is important to monitor the behavior of the Exchange Whale Ratio—a sharp rise could signal the start of a new wave of distribution.