Bitcoin panic selling is over: whales have completed bottom-fishing and reversed the market
Major Bitcoin (BTC) holders have completely finished the aggressive selling phase and switched to accumulation. This acted as a catalyst for a sharp price rebound from the local bottom to $65,704.89. The key signal is the reversal in whale supply dynamics, which occurred on June 14 after a twelve-day decline.
The market went through three distinct phases. The first was from June 1 to 4, when old coins flooded onto exchanges. The Inflow CDD indicator (a measure of activity from long-dormant coins) 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.
The second phase was absorption. From June 5 to 10, at the bottom around $61,400, whales entered the game. During this period, over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio, reflecting the share of large transactions in the incoming flow to exchanges, jumped to 62.3%. Whales literally "absorbed" panic selling, creating strong demand.
The third phase was the rebound and reversal. By June 11–14, selling had completely dried up. Inflow CDD collapsed from 2.16 million to virtually zero — just 33,000. This indicates a complete halt in sell-offs by major holders. As a result, an acute supply shortage formed in the market.
Structural reversal, not a temporary rebound
On June 14, the total whale supply (wallets with a balance of 100 BTC or more) officially turned upward, triggering a strong price rebound to $65,700. In my assessment, this is not a short-term technical bounce, but a change in the market structure itself. The capital flow from less resilient holders to large holders is fully complete.
Whales have established the $60,000–$61,500 range as a solid support level for BTC's price. Given the depletion of exchange reserves, the path of least resistance is now upward. The available supply for sale on exchanges is shrinking, and coins accumulated by major holders are moving into long-term storage.
My conclusion: we are witnessing a classic capital redistribution cycle. Panic from small hands has given way to confident whale accumulation. If this dynamic continues, Bitcoin has every chance to test new local highs in the coming weeks. The market has been cleansed of weak hands — the foundation for growth is laid.