Bitcoin panic selling has dried up: whales have completed buying at the bottom
The bitcoin market has undergone a paradigm shift. The massive sell-off by long-term holders is over, and the initiative has now passed to major players. On-chain analytics data indicates that whales have not only stopped dumping coins but have also begun actively increasing their positions, triggering a sharp price rebound to the $65,704.89 mark.
The key signal was a reversal in the supply dynamics of the largest wallets. According to my observations, the 12-day decline in the total supply held by whales (addresses with a balance of 100 BTC or more) officially turned into growth on June 14. This moment coincided with a sharp reduction in the inflow of "old" coins to exchanges and a powerful price recovery.
How the scenario unfolded: from panic to absorption
The first phase occurred from June 1–4. Old coins flooded exchanges, and the Inflow CDD metric (a measure of activity from coins that had not moved for a long time) surged to 2.16 million. This drove the price down from $71,300 to $63,800.
The second phase—absorption—unfolded from June 5–10. At the bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow. The Exchange Whale Ratio, which indicates the share of large transactions in the incoming flow, jumped to 62.3%. Whales were literally "absorbing" panic selling.
The third phase—the rebound and reversal—occurred from June 11–14. As selling dried up, a sharp supply deficit formed in the market. The Inflow CDD metric fell from 2.16 million to nearly zero—just 33,000—signaling a complete halt in selling by large long-term holders.
Why a solid bottom formed
The main conclusion is simple: the capital flow from less resilient 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 officially reversed upward, triggering a strong price rebound to $65,700. I interpret this reversal as a change in the very structure of the market, not just a short-term technical bounce. Given the depletion of exchange reserves, the path of least resistance for bitcoin is now upward. The logic is that the available supply for sale on exchanges is decreasing, while coins accumulated by large holders are moving into long-term storage.
My analysis: This scenario is a classic example of capital redistribution in favor of "smart money." Whales did not just buy the bottom—they created a new support level that will be difficult to break without a significant external shock. For the market, this signals consolidation above $65,000 with the potential to test local highs.