The panic selling of bitcoin is over: whales bought the bottom and reversed the market.
The Bitcoin market has undergone a classic cycle of capitulation and accumulation, which, according to all key on-chain indicators, has fully completed. Large holders — so-called "whales" — have not only stopped selling but have also begun actively increasing their positions, triggering a powerful price rebound to $65,704.89.
My analysis shows that the transfer of coins from less resilient investors to institutional and large private players is fully complete. On June 14, the 12-day decline in the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially reversed to growth. This coincided with a sharp reduction in the inflow of old coins to exchanges and a strong price recovery — a perfect trend reversal signal.
How the sell-off and absorption unfolded
The first phase occurred from June 1 to June 4. Old coins flooded exchanges, and the Inflow CDD (Coin Days Destroyed, a measure of activity for coins that had not moved for a long time) spiked to 2.16 million. This crashed the price from $71,300 to $63,800.
The second phase — absorption — lasted from June 5 to June 10. At the bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) moved from exchanges to cold wallets, reflected in a negative netflow. At the very low, the Exchange Whale Ratio, which measures the share of large transactions in the incoming flow to exchanges, rose to 62.3% — whales were literally absorbing panic selling.
The third phase — the rebound and reversal — occurred from June 11 to June 14. As selling dried up, a sharp supply deficit emerged in the market. The Inflow CDD indicator dropped from 2.16 million to nearly zero — just 33,000 — signaling a complete halt in selling by long-term large holders.
Why a solid bottom formed
The main conclusion is simple: the capital shift 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.
On June 14, the aggregate supply of whales — wallets with a balance of 100 BTC or more — officially reversed upward, triggering a strong Bitcoin price rebound to $65,700. I interpret this reversal as a change in the market structure itself, not just a short-term technical bounce.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The logic is that the available supply for sale on exchanges is shrinking, while coins accumulated by large holders are moving into long-term storage.
My expert assessment: We are witnessing not just a local bounce, but a fundamental shift in market dynamics. Whales have demonstrated confidence in BTC's long-term potential by buying up panic selling at the $61,000 level. If this trend continues, Bitcoin has every chance to test the $68,000–$70,000 zone in the coming weeks. However, it is worth closely monitoring the macroeconomic backdrop — any negative shock could trigger a retest of support.