Whales have completed their Bitcoin sell-off: bottom formed, reversal at $65,700
The bitcoin market has undergone a classic generational shift: panic selling by weak hands has fully concluded, while large holders — whales — have not only stopped dumping but have begun actively accumulating coins. On-chain analytics data confirms that the 12-day phase of declining total whale supply has been replaced by confident growth, triggering a sharp price rebound to $65,704.
Events unfolded in a three-phase scenario. The first wave occurred on June 1–4: old coins flooded exchanges, with the Inflow CDD (Coin Days Destroyed) metric surging to 2.16 million, crashing the price from $71,300 to $63,800. This was classic panic among long-term holders succumbing to emotions.
The second phase was absorption. From June 5 to 10, at the bottom around $61,400, whales entered the game. Over 11,400 BTC (approximately $700 million) was withdrawn from exchanges to cold wallets, reflected in a negative netflow. The Exchange Whale Ratio soared to 62.3% — large players were literally "absorbing" every panic sale.
Market structure reversal
The third phase was the rebound and reversal on June 11–14. As sellers exhausted, an acute supply deficit formed on the market. Inflow CDD dropped from 2.16 million to virtually zero — just 33,000 — indicating a complete halt in sell-offs by long-term holders. On June 14, the total whale supply (wallets with 100+ BTC) officially turned upward, instantly triggering a powerful rebound to $65,700.
Key takeaway: the capital flow from less resilient holders to large holders is fully complete. Whales have cemented the $60,000–$61,500 range as a solid support for BTC. This is not just a technical rebound — it is a shift in the very structure of the market. Given the depletion of exchange reserves, the path of least resistance for bitcoin is now upward.
Analytical commentary from Cryptalist: This scenario is a classic example of an accumulation phase after capitulation. The fact that whales bought nearly 12,000 BTC in a week indicates high confidence among institutional players in current price levels. However, it is worth remembering: a supply reversal is a fundamental signal, but for a bullish trend to be confirmed, a consolidation above $68,000 is necessary. Until then, the market remains in a zone of uncertainty, albeit with a clear advantage for buyers.