Panic is over: whales have completed their Bitcoin buyback and are preparing the market for a new surge
The Bitcoin market has undergone a classic capital redistribution cycle from weak hands to strong hands. After a two-week period of panic selling followed by the absorption of supply by large holders, the structure of BTC supply has undergone a fundamental change. On-chain analytics data indicates that whales have not only stopped selling but have reversed their supply dynamics upward, triggering a confident price rebound to the $65,704 mark.
Three Phases of Market Manipulation: From Panic to Scarcity
The first phase unfolded from June 1 to 4. A sharp spike in the inflow of old coins to exchanges — the Inflow CDD indicator jumped to 2.16 million — crashed the price from $71,300 to $63,800. This was a typical scenario of "capitulation" by long-term holders who could not withstand the pressure.
The second phase, from June 5 to 10, mirrored the first. At the local bottom of $61,400, whales stepped in. Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a Negative Netflow. The Exchange Whale Ratio soared to 62.3%, signaling that large players were aggressively absorbing panic sales from retail investors.
The third phase, from June 11 to 14, was marked by the complete exhaustion of sellers. The Inflow CDD indicator fell from 2.16 million to nearly zero (just 33,000). This means the flow of old coins from long-term holders has completely dried up. The market instantly felt an acute supply shortage, leading to a powerful rebound.
Why $60,000–61,500 Became the New "Iron" Bottom
The key takeaway is that on June 14, the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially turned upward. This is not just a technical rebound but a change in the very structure of the market. Whales have cemented the $60,000–61,500 range as a solid support, transferring significant volumes into long-term storage.
Given the depletion of exchange reserves and the movement of accumulated coins into cold wallets, the path of least resistance for Bitcoin is now upward. The available supply for sale is shrinking, while demand from institutional and large private investors remains high.
Cryptalist's Commentary: In my view, we are witnessing the completion of another consolidation phase before a significant upward move. The psychological level of $70,000 now looks not like resistance but like the nearest target. Whales have clearly signaled their intentions, and retail investors who sold at the bottom will likely be forced to buy back at higher prices. The market is preparing for a breakout.