Bitcoin panic selling is over: whales bought BTC at the local bottom and reversed the market
The Bitcoin market has undergone a classic cycle of capitulation and redistribution. Analysis of on-chain data shows that on June 14, a twelve-day period of declining aggregate whale supply reversed into steady growth. This turnaround coincided with a sharp drop in the inflow of old coins to exchanges and a powerful price rebound to $65,704.89. In my assessment, the transfer of coins from less resilient holders to large players is fully complete.
How the sell-off and absorption unfolded
The first phase occurred from June 1–4. Old coins flooded onto exchanges, and the Inflow CDD metric (measuring the activity of 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 from 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 net flow. 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 from June 11–14. As selling dried up, the market experienced a sharp supply deficit. Inflow CDD dropped from 2.16 million to nearly zero—just 33,000—indicating a complete halt in selling by long-term large holders.
Why a solid bottom formed
The main conclusion is simple: the flow of capital from less resilient holders to large holders is complete. Whales have cemented the $60,000–$61,500 range as a strong support level for BTC. On June 14, the aggregate supply of whales—wallets with a balance of 100 BTC or more—officially reversed upward, triggering a strong Bitcoin price rebound to $65,700. I interpret this reversal as a shift 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 shrinking, while coins accumulated by large holders are moving into long-term storage.
Expert commentary: This scenario is a classic example of "hand-changing" in a bear market. When retail investors panic, institutions and whales build up positions. What we are seeing now is not just a rebound, but a fundamental shift in the supply and demand structure. If this trend continues, the $65,000–$70,000 zone will become a new base for consolidation, rather than resistance.