Whales closed the sell-off: Bitcoin found the bottom and reversed upward.
Panic sentiment in the Bitcoin market appears to be behind us. Large BTC holders have fully completed the distribution phase and shifted to active accumulation, triggering a strong price rebound from local lows. On-chain data analysis shows that the flow of coins from "weak hands" to institutional players is complete, and the market is now structurally ready for a new upward movement.
The key signal was a reversal in the aggregate supply of whales — wallets holding 100 BTC or more. On June 14, the twelve-day downward trend in this indicator officially turned into growth. This coincided with a sharp reduction in the inflow of old coins to exchanges and a strong price recovery to $65,704.89.
Three phases of capitulation and accumulation
The first wave of panic occurred on June 1–4. The Inflow CDD (Coin Days Destroyed) indicator, reflecting the activity of long-dormant coins, surged to 2.16 million. This drove the price down from $71,300 to $63,800. Then, at the bottom around $61,400, whales stepped in. From June 5 to 10, over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, recorded as a negative net flow. The Exchange Whale Ratio — the share of large transactions in the incoming flow to exchanges — jumped to 62.3%, directly indicating aggressive absorption of panic selling.
The final phase — a rebound and reversal on June 11–14. As sellers exhausted, the market experienced an acute supply shortage. The Inflow CDD indicator dropped from 2.16 million to nearly zero (just 33,000), meaning a complete halt in selling by long-term holders.
Structural reversal, not a technical rebound
My analysis confirms: whales have established the $60,000–$61,500 range as a solid support level for BTC. The reversal in the aggregate supply of whales is not a short-term technical bounce but a change in the market's very structure. Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. Available supply for sale on exchanges is shrinking, while coins accumulated by large holders are moving into long-term storage.
My professional opinion: We are witnessing a classic "redistribution" pattern after a local capitulation. If whales continue to hold their positions and the macroeconomic backdrop does not bring surprises, the current level will serve as a foundation for testing the $68,000–$70,000 zone in the coming weeks.