Bitcoin panic selling is over: whales bought the bottom and reversed the market
On-chain data analysis indicates that the wave of panic selling of Bitcoin observed in early June has been fully exhausted. Large holders, known as "whales," have not only stopped selling but have actively bought coins from the local bottom, triggering a sharp price rebound above $65,700.
A key signal of the trend change was the reversal in the aggregate supply of whales (wallets with a balance of 100 BTC or more). After a twelve-day decline, this metric began to rise on June 14. This coincided with a critical reduction in the inflow of old coins to exchanges and a strong price recovery.
Three-phase structure of correction and absorption
The process can be divided into three distinct phases. The first, from June 1 to 4, was marked by panic: 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. The second phase, from June 5 to 10, became the absorption phase. At the low around $61,400, whales acted as buyers of last resort: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio momentarily reached 62.3%, directly indicating that large players were "absorbing" panic selling.
Reversal and formation of a solid bottom
The third phase — the rebound and reversal from June 11 to 14. As soon as selling from long-term holders dried up, the market faced an acute supply shortage. Inflow CDD collapsed from 2.16 million to nearly zero (33,000), confirming a complete halt in selling. It was at this moment that the aggregate supply of whales turned upward, triggering a strong rebound to $65,700.
My conclusion: from a market structure perspective, we are witnessing not just a technical rebound, but the completion of a capital flow from weak hands to strong hands. The $60,000–$61,500 range was consolidated by whales as a solid support. Given the depletion of exchange reserves and the movement of accumulated coins into long-term storage, the path of least resistance for Bitcoin is now upward. This is a fundamental shift, not a short-term anomaly.