Whales have completed their accumulation: panic selling of Bitcoin is a thing of the past.
The Bitcoin market has undergone a significant structural transformation. Large holders of the first cryptocurrency, known as "whales," have fully completed the aggressive selling phase and shifted to accumulation. This reversal in supply dynamics triggered a powerful price bounce to the $65,704.89 mark.
On-chain data analysis reveals a clear three-phase pattern of events that unfolded in the first half of June.
Phase 1: Panic Dump (June 1–4). A wave of "old" coins that had not moved for a long time flooded exchanges. The Inflow CDD (Coin Days Destroyed) metric, which reflects the activity of long-term holders, surged to 2.16 million. The result was immediate: the BTC price crashed from $71,300 to $63,800.
Phase 2: Bottom Absorption (June 5–10). At the $61,400 level, whales entered the game. Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, recorded as a Negative Netflow. The Exchange Whale Ratio, which indicates the share of large transactions in the incoming flow, soared to 62.3%. This is direct evidence that institutional and large private investors were actively absorbing the panic selling of retail traders.
Phase 3: Reversal and Bounce (June 11–14). When sellers dried up, an acute supply shortage formed in the market. The Inflow CDD metric dropped from 2.16 million to virtually zero (just 33,000), signaling a complete halt in selling by long-term holders. It was at this moment that the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially turned upward, which served as the trigger for a sharp price recovery to $65,700.
Formation of a Solid Bottom
The key takeaway from this dynamic is that the capital shift from less resilient holders to large players is fully complete. Whales have cemented the $60,000–$61,500 range as a strong support level for the BTC price. This is not about a short-term technical bounce, but a change in the very structure of the market. The available supply for sale on exchanges is shrinking, and the accumulated coins are moving into long-term storage.
My Analysis: This scenario is a classic sign of "capitulation" followed by consolidation before a new upward move. The exhaustion of sellers combined with aggressive whale accumulation creates an extremely favorable environment for continued growth. The path of least resistance for Bitcoin is now unequivocally upward.