Whales have completed their Bitcoin sell-off: buying at the bottom triggered a rebound to $65,700
The Bitcoin market has experienced a classic capital redistribution scenario: panic selling by small holders was replaced by aggressive buying from large players. On-chain data analysis indicates that the wave of selling by long-term holders has been completely exhausted, and whales have reversed their supply dynamics upward, leading to a sharp price rebound.
The process unfolded in three distinct stages. The first phase, from June 1 to June 4, was marked by a sharp influx of old coins onto exchanges. The Inflow CDD (Coin Days Destroyed) metric, which reflects the activity of coins that have not moved for a long time, surged to 2.16 million. This triggered a price collapse from $71,300 to $63,800. However, this very moment became a signal for "smart money."
The second phase, from June 5 to June 10, was the absorption phase. At the local bottom around $61,400, whales stepped in. More than 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, recorded as a sustained negative netflow. The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow to exchanges, jumped to 62.3% — whales were literally "absorbing" panic selling.
The third phase — the reversal and rebound from June 11 to June 14. Once selling dried up, an acute supply shortage formed in the market. The Inflow CDD metric plummeted from 2.16 million to nearly zero — just 33,000. This indicates a complete halt in selling by large long-term holders. On June 14, the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially reversed upward, triggering a strong Bitcoin price rebound to $65,700.
Why was a solid bottom formed?
The main takeaway from this structure is simple: the capital flow from less resilient holders to large holders is complete. Whales have cemented the $60,000–$61,500 range as a strong support level for the BTC price. This reversal should be interpreted not as a short-term technical rebound, but as a shift in the very structure of the market. Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. Available supply for sale on exchanges is decreasing, while coins accumulated by large holders are moving into long-term storage.
My professional opinion: We are witnessing a classic accumulation cycle at the lower boundary of the range. The fact that whales are not just holding positions but actively increasing them during dips indicates high confidence in the long-term upward trend. A breakout above the $66,000–$67,000 level will confirm the strength of the bulls and could open the door to new local highs.