Whales have completed their Bitcoin accumulation: panic selling is behind us, a supply reversal has been recorded.
After a two-week period of active selling followed by massive accumulation, large Bitcoin (BTC) holders have completely shifted market dynamics. On-chain data analysis shows that whales have completed the accumulation phase and reversed their own supply upward, triggering a strong price rebound to $65,704.89. The key signal is a complete halt in the flow of coins from long-term holders to institutional players.
The turning point came on June 14, when a twelve-day decline in the total supply of whales (wallets with a balance of 100 BTC or more) turned into a confident increase. This event coincided with a sharp reduction in the inflow of old coins to exchanges and a strong price recovery. Essentially, the market went through a classic "capitulation — accumulation — reversal" cycle.
Three Phases of the Market Cycle: From Panic to Consolidation
The first phase occurred from June 1 to June 4. The flow of old coins to exchanges surged sharply, and the Inflow CDD indicator (a measure of activity of coins that had not moved for a long time) jumped to 2.16 million. This triggered a price collapse from $71,300 to $63,800.
The second phase — accumulation — spanned from June 5 to June 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 At the bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow (Negative Netflow). At the low point, the Exchange Whale Ratio, which shows the share of large transactions in the incoming flow to exchanges, rose to 62.3% — whales were actively absorbing panic selling.
The third phase — rebound and reversal — occurred from June 11 to June 14. As sellers became exhausted, a sharp supply deficit emerged in the market. The Inflow CDD indicator fell from 2.16 million to nearly zero (33,000), signaling a complete halt in selling by large long-term holders.
Why the Bottom Proved Strong
The main conclusion is clear: the capital flow from less resilient holders to large holders is fully complete. Whales have established the $60,000–$61,500 range as a solid support level for the BTC price. The reversal of their total supply on June 14 is not a short-term technical rebound but a change in the very structure of the market.
Given the depletion of exchange reserves and the movement of accumulated coins by large holders into long-term storage, the path of least resistance for Bitcoin is now upward. The available supply for sale on exchanges is decreasing, while demand from large players continues to grow.
My expert assessment: This pattern is a classic signal of the start of a new bullish impulse. Whales act ahead of retail investors, and the current consolidation above $65,000 could serve as a springboard for testing the $68,000–$70,000 zone in the coming weeks.