Whales have completed their accumulation: panic selling of bitcoin is a thing of the past, reversal at $65,700
The Bitcoin market has gone through a harsh phase of capital redistribution, and according to my data, it is already complete. Large holders (whales) have not only stopped selling but have also reversed the dynamics of their supply upward, triggering a powerful rebound in the price of the first cryptocurrency to $65,704.89. This scenario is a classic example of how institutional players absorb liquidity from weak hands.
Three-Phase Model: From Panic to Accumulation
Analyzing the behavior of on-chain metrics, I identify three clear stages of this cycle. The first phase occurred from June 1–4: old coins flooded onto exchanges, and 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 — a classic panic sell-off by long-term holders.
The second phase (June 5–10) was a turning point. At the bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio, which reflects the share of large transactions in the incoming flow, jumped to 62.3%. This means whales were actively absorbing panic selling, creating a supply deficit.
The third phase (June 11–14) is the rebound and reversal. Once selling dried up, the market faced an acute liquidity shortage. Inflow CDD fell from 2.16 million to nearly zero (just 33,000), signaling a complete halt in selling by large holders. On June 14, the total supply of whales (wallets with a balance of 100 BTC or more) officially reversed upward, triggering a rebound to $65,700.
Why a Solid Bottom Formed
The key takeaway from this dynamic is that the capital flow from less resilient holders to large holders is fully complete. Whales have cemented the $60,000–$61,500 range as a strong support level for the BTC price. This is not just a technical rebound but a structural shift in market architecture.
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, and coins accumulated by large holders are moving into long-term storage. This creates a powerful foundation for further growth.
My expert opinion: We are witnessing a classic accumulation cycle that precedes a bull rally. Whales are acting rationally, using retail investor panic to consolidate positions. If this trend continues, Bitcoin could test the $68,000–$70,000 zone in the coming weeks. Investors should pay attention to the decline in exchange reserves — this is one of the most bullish signals in the market.