Whales have completed their bitcoin accumulation: panic selling is a thing of the past
The Bitcoin (BTC) market has experienced a key structural shift. A large-scale on-chain data analysis shows that major holders — so-called "whales" — have fully completed the distribution phase and moved to active accumulation. This reversal acted as a catalyst for a sharp price rebound to $65,704.89, and in my assessment, it marks not just a technical bounce, but a fundamental change in the balance of power in the market.
How the distribution and absorption unfolded
The first phase occurred from June 1 to 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 — a classic scenario of panic selling by less resilient holders.
The second phase — absorption — lasted from June 5 to 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 At the bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a sustained Negative Netflow. The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow to exchanges, jumped to 62.3%. This means whales were literally "absorbing" panic sales, buying coins from those who succumbed to emotions.
The third phase — the rebound and reversal — occurred from June 11 to 14. As selling dried up, a sharp supply deficit formed in the market. The Inflow CDD metric fell 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 rebound to $65,700.
Why a solid bottom was formed
The main takeaway from this dynamic is simple: the capital flow from less resilient holders to large holders is complete. Whales have cemented the $60,000–$61,500 range as a strong support level for the BTC price. I interpret this reversal as a change 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 — available supply for sale on exchanges is decreasing, and coins accumulated by large holders are moving into long-term storage.
My comment: This scenario is a classic example of capital redistribution in favor of "smart money." Whales, who have informational and resource advantages, use retail investors' panic to build positions at reduced prices. If this trend continues, we may see the formation of a new upward trend, supported by declining supply on spot exchanges.