Bitcoin panic selling has dried up: whales have completed buying at the bottom and reversed the market.
The Bitcoin market has undergone a classic capital redistribution cycle, and according to fresh on-chain data, this process is now fully complete. The largest holders of the leading cryptocurrency have not only stopped selling but have shifted to active accumulation, triggering a sharp price rebound to $65,704.89.
Three Phases of Flow: From Panic to Accumulation
The first wave of selling occurred from June 1–4. During these days, old coins flooded exchanges en masse: the Inflow CDD metric (measuring the activity of long-dormant coins) surged to 2.16 million. This drove the price down from $71,300 to $63,800, causing panic among retail traders.
The second phase — absorption — unfolded from June 5–10. At the local bottom of $61,400, whales entered the game. Over this period, more than 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow. The Exchange Whale Ratio, which indicates the share of large transactions in the incoming flow to exchanges, jumped to 62.3% — whales were literally absorbing panic selling.
The third phase — reversal — occurred from June 11–14. As sellers exhausted, a sharp supply deficit formed on the market. The Inflow CDD metric dropped from 2.16 million to nearly zero — down to 33,000 — signaling a complete halt in selling by large long-term holders.
Why the Bottom Proved Strong
The key takeaway from this dynamic: the capital flow from less resilient holders to large holders is fully complete. Whales have cemented the $60,000–$61,500 range as a solid support level for BTC. 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.
This reversal is not a short-term technical bounce but a shift in the very structure of the market. Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. Available supply for sale on exchanges is dwindling, while coins accumulated by large holders are moving into long-term storage.
Expert opinion: We are witnessing a textbook example of a market cycle shift. When whales stop selling and start buying at the bottom, it is a powerful bullish signal. If the current dynamic persists, Bitcoin has every chance to test the $68,000–$70,000 zone in the coming weeks. However, investors should remember: whale accumulation is a lengthy process, and sharp rallies without pullbacks do not occur.