Whales have completed absorption: panic selling of Bitcoin is a thing of the past, and the price has reversed to an upward trend.
The bitcoin market has undergone a classic capital redistribution cycle, and according to the latest on-chain data, this phase is fully complete. After a two-week sell-off triggered by the movement of "old" coins, large holders not only halted the decline but also reversed the trend by buying back significant volumes from the bottom.
Anatomy of the Sell-off and Reversal
The process can be divided into three distinct phases. The first, from June 1 to June 4, was characterized by a sharp surge in the inflow of long-dormant coins to exchanges. The Inflow CDD (Coin Days Destroyed) indicator spiked to 2.16 million, triggering a price collapse from $71,300 to $63,800. It was at this moment that less resilient holders panic-sold their positions.
The second phase, from June 5 to June 10, was a period of absorption. At the local bottom around $61,400, whales entered the game. The net outflow from exchanges (Negative Netflow) amounted to over 11,400 BTC — approximately $700 million, which were moved to cold wallets. The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow to exchanges, reached 62.3%. This is direct evidence that institutional players were actively "absorbing" the liquidity created by retail sellers.
Whale Supply Reversal
A key signal came on June 14. The total supply of whales — wallets with a balance of 100 BTC or more — after 12 consecutive days of decline, officially reversed upward. This reversal coincided with a sharp drop in Inflow CDD to nearly zero (only 33,000 compared to 2.16 million earlier), indicating a complete exhaustion of sales from long-term large holders.
As a result, we saw a strong price rebound to $65,704. This is not just a technical bounce, but a change in the very structure of the market. The $60,000–$61,500 range is now fixed by whales as a solid support level.
Conclusions and Outlook
From a fundamental analysis perspective, the logic is simple: the available supply for sale on exchanges is shrinking, and coins accumulated by large holders are moving into long-term storage. This creates a supply deficit, which, when demand resumes, could become a catalyst for a new upward movement.
My expert assessment: we are witnessing the completion of the accumulation phase, which is a classic precursor to a bullish impulse. If bitcoin holds above $65,000 in the coming days, the $68,000–$70,000 zone will be the next logical target. Weak hands have been washed out — the market now belongs to the whales.