Whales have completed their Bitcoin accumulation: panic selling has dried up, and the price has rebounded to $65,700.
The bitcoin market has undergone a classic capital redistribution cycle: whales have fully absorbed panic selling, and now the BTC supply structure has turned upward. An on-chain data analysis for the first half of June demonstrates the completion of a large-scale phase of coin flow from weak hands to strong hands.
It all started on June 1–4, when a stream of old coins flooded exchanges. The Inflow CDD (Coin Days Destroyed) indicator surged to 2.16 million — a signal that long-term holders had begun to take profits. BTC crashed from $71,300 to $63,800.
However, at the bottom around $61,400 (June 5–10), whales entered the game. During this period, over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio jumped to 62.3% — meaning that large players were actively "absorbing" the liquidity dumped by panicking sellers.
The climax came on June 11–14. Panic selling dried up, and exchange supply sharply declined. Inflow CDD fell from 2.16 million to nearly zero (just 33,000) — a signal of a complete halt in selling by large holders. As a result, the aggregate supply of whales (wallets with 100+ BTC) officially turned upward, triggering a bitcoin rebound to $65,704.
Why the bottom proved solid
The main takeaway: the capital flow from less resilient holders to whales is complete. The $60,000–$61,500 range has now formed a strong support level. Exchange BTC reserves are depleted — available selling supply is shrinking, and coins accumulated by large players are moving into long-term storage.
My comment: This is not just a technical rebound — it is a shift in the very structure of the market. If whales have stopped selling and started accumulating, the logical scenario is an upward move. The path of least resistance for bitcoin is now directed toward new local highs, rather than testing the bottom.