Bitcoin panic selling is over: whales bought the bottom and reversed the trend
The Bitcoin market has undergone a powerful cycle of capital redistribution, and according to my data, major players have completed the active selling phase, reversing supply dynamics upward. This triggered a sharp price rebound to $65,704.89. The key signal is the reversal in the aggregate supply of whales, which officially turned to growth on June 14 after a 12-day decline.
How the sell-off and absorption unfolded
The first phase occurred from June 1 to 4. Old coins flooded exchanges: the Inflow CDD (Coin Days Destroyed) indicator surged to 2.16 million, crashing the price from $71,300 to $63,800. This was a classic panic sell-off by less resilient holders.
The second phase—absorption—took place from June 5 to 10. At the low of $61,400, whales began actively buying: over 11,400 BTC (approximately $700 million) moved from exchanges to cold wallets. The Exchange Whale Ratio, which reflects the share of large transactions in incoming flow, rose to 62.3%—whales were literally absorbing panic sales.
The third phase—rebound and reversal—occurred from June 11 to 14. As sellers exhausted, a sharp supply deficit emerged in the market. Inflow CDD dropped from 2.16 million to nearly zero—just 33,000—signaling a complete halt in sell-offs by long-term large holders.
Why a solid bottom formed
My analysis confirms: the capital flow from less resilient holders to large holders is complete. Whales have established the $60,000–$61,500 range as a strong support for BTC's price. On June 14, the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially reversed upward, triggering a strong rebound to $65,700.
This reversal is not a short-term technical bounce but a shift in the market's very structure. Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The available supply for sale on exchanges is shrinking, while coins accumulated by large holders are moving into long-term storage.
My opinion: The current situation resembles a classic accumulation pattern before a bullish impulse. If whales continue to hold their positions and the macroeconomic backdrop remains stable, we could see a test of the $70,000 level in the coming weeks. However, short-term volatility should not be ruled out—the market always tests supports before a new surge.