Whales have completed their accumulation: panic selling of bitcoin is a thing of the past
The Bitcoin (BTC) market has experienced a powerful reversal: large holders, known as "whales," have completely completed the aggressive selling phase and shifted to active accumulation. This structural shift triggered a sharp price rebound from the local bottom around $61,400 to the $65,704.89 mark. On-chain data analysis shows that the process of transferring coins from weaker hands to institutional and large private investors is complete.
Three Phases of the Market Maneuver
The first phase, covering June 1–4, was a classic panic sell-off. The Inflow CDD (Coin Days Destroyed) metric, reflecting the activity of long-term coins, surged to 2.16 million. This crashed the BTC price from $71,300 to $63,800. Then, from June 5 to 10, the second phase—absorption—began. At the low of $61,400, whales acted as a shock absorber: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio soared to 62.3%, indicating the dominance of large players in purchases.
The third phase, unfolding from June 11 to 14, was decisive. As seller supply dried up, the Inflow CDD metric plummeted from 2.16 million to nearly zero—down to 33,000. This signals a complete halt in selling by long-term holders. On June 14, the total whale supply (wallets with a balance of 100 BTC or more) officially turned upward, triggering a strong rebound to $65,700.
Why the Bottom Proved Solid
The key takeaway is that whales have cemented the $60,000–$61,500 range as a reliable support level. This is not just a technical bounce but a fundamental shift in market structure. Exchange reserves are depleted, and coins accumulated by large holders are moving into long-term storage. The path of least resistance for Bitcoin is now upward.
Expert Comment: This scenario is a classic example of retail investor "capitulation" followed by "smart money" accumulation. If the trend of declining exchange reserves continues, we could see a test of the $70,000 level in the coming weeks. However, it is worth monitoring macroeconomic factors that could adjust this bullish scenario.