End of panic selling: whales bought Bitcoin at the bottom and reversed the market
The bitcoin market has experienced a significant phase shift. After two weeks of pressure from long-term holders and panic selling, major players — whales — completed the process of absorbing supply and triggered a powerful price rebound to the $65,704 mark. This is not just a technical bounce, but a structural reversal indicating a shift in the balance of power in favor of "smart money."
The first wave of selling occurred from June 1 to June 4. During this period, old coins flooded exchanges en masse: the Inflow CDD indicator (measuring the activity of coins that had not moved for a long time) surged to 2.16 million. This triggered a price collapse from $71,300 to $63,800. However, this was followed by a phase of absorption.
From June 5 to June 10, when bitcoin reached a local 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 During this period, over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a Negative Netflow. The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow to exchanges, jumped to 62.3%. This is a classic signal: whales were "absorbing" panic selling, accumulating positions at the bottom.
The climax came on June 11–14. As selling dried up, a sharp supply deficit formed in the market. The Inflow CDD indicator plummeted from 2.16 million to nearly zero — just 33,000. This indicates a complete halt in selling by large long-term holders. On June 14, the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially turned upward, triggering a strong price rebound.
Why a solid bottom formed
My analysis confirms: the capital flow from less resilient holders to large holders is complete. Whales have solidified the $60,000–$61,500 range as a strong support level. Given the depletion of exchange reserves, the path of least resistance for bitcoin is now upward. Available supply for sale on exchanges is decreasing, and coins accumulated by major players are moving into long-term storage.
Expert commentary: From my perspective, this is a classic example of "retail investor capitulation" followed by institutional accumulation. If whales continue to hold their positions and the macroeconomic backdrop remains neutral, we could see a test of the $70,000 level in the coming weeks. However, it is worth monitoring the volume of exchange reserves — their further decline would act as a bullish catalyst.