Whales have completed buying Bitcoin at the bottom: panic sell-offs are behind us
The Bitcoin market has undergone a classic cycle of capital redistribution from weak hands to strong ones. An analysis of fund flows shows that large holders — the so-called "whales" — have fully completed the phase of aggressive accumulation at the local bottom, triggering a powerful price rebound to $65,704.
The key signal was a reversal in the dynamics of the total whale supply. On June 14, the twelve-day decline in this indicator officially turned into growth. This coincided with a sharp reduction in the inflow of "old" coins to exchanges and a strong price recovery.
Three phases of sell-off and accumulation
The first phase occurred on June 1–4. Old coins flooded exchanges, and the Inflow CDD indicator (a measure of activity of long-dormant coins) surged to 2.16 million. This drove the price down from $71,300 to $63,800.
The second phase — absorption — unfolded on June 5–10. At the bottom of $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) moved from exchanges to cold wallets, reflected in a Negative Netflow. At the very low point, the Exchange Whale Ratio, which tracks the share of large transactions in incoming exchange flows, rose to 62.3% — whales were "absorbing" panic selling.
The third phase — rebound and reversal — occurred on June 11–14. As selling dried up, a sharp supply shortage emerged in the market. The Inflow CDD indicator fell from 2.16 million to nearly zero — just 33,000 — signaling a complete halt in selling by long-term large holders.
Why a solid bottom formed
The main conclusion is simple: the capital shift from less stable holders to large holders is complete. Whales have established the $60,000–$61,500 range as a strong support level for the BTC price.
On June 14, the total whale supply (wallets with a balance of 100 BTC or more) officially reversed upward, triggering a strong rebound to $65,700. This reversal is not a short-term technical bounce but a change in the very structure of the market.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. Available supply for sale on exchanges is decreasing, while coins accumulated by large holders are moving into long-term storage.
Analyst's comment: We are witnessing a classic scenario of "retail capitulation and institutional accumulation." If whales continue to hold their positions and seller pressure remains low, the $70,000+ level could be reached faster than most market participants expect.