Whales have completed their Bitcoin accumulation at the bottom: a supply reversal triggered a rebound to $65,700
The bitcoin market has experienced a classic capital redistribution pattern: panic selling by weak hands gave way to aggressive accumulation by large holders. On-chain data analysis shows that on June 14, the twelve-day decline in the total supply of whales (wallets with a balance of 100 BTC or more) officially reversed upward, coinciding with a sharp price rebound to $65,704.89.
Three Phases of Correction: How Whales Bought the Bottom
The first phase occurred on June 1–4. Old coins flooded exchanges: the Inflow CDD indicator (a measure of activity from long-dormant coins) surged to 2.16 million. This drove the price down from $71,300 to $63,800. Then, in the second phase (June 5–10), at the 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 Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a Negative Netflow.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 — the share of large transactions in the incoming flow to exchanges — rose to 62.3%, indicating active absorption of panic selling.
The third phase — the rebound and reversal on June 11–14. As selling dried up, a sharp supply deficit formed in the market. Inflow CDD dropped from 2.16 million to nearly zero — just 33,000 — signaling a complete halt in selling by long-term large holders.
Structural Reversal: Why the Bottom Proved Strong
The main takeaway is that the capital shift from less resilient holders to large holders is complete. Whales have established the $60,000–$61,500 range as a solid support level for BTC. On June 14, the total whale supply officially reversed upward, triggering a strong price rebound to $65,700. This is not a short-term technical bounce, but a change in the market structure itself: the available supply for sale on exchanges is shrinking, and accumulated coins are moving into long-term storage.
My comment: We are witnessing the completion of a redistribution cycle that often precedes a new upward trend. Given the depletion of exchange reserves and aggressive accumulation by whales, the path of least resistance for bitcoin is now upward. However, the key level for confirming a bullish scenario remains a breakout of the $66,000–$67,000 zone.