Whales have completed their Bitcoin accumulation: panic selling is a thing of the past
The bitcoin market has undergone a classic capital redistribution cycle, and according to on-chain data, this phase is complete. Large BTC holders — so-called "whales" — have not only stopped selling but have sharply reversed the dynamics of their supply upward. The result was immediate: the price bounced from a local bottom and reached $65,704.89.
The key signal was the reversal in the aggregated supply of whales, recorded on June 14. After twelve consecutive days of decline, this indicator confidently moved upward. This change coincided with a sharp reduction in the inflow of "old" coins to exchanges and a powerful price recovery.
How the sell-off and absorption unfolded
The first phase occurred on June 1–4. Old coins flooded exchanges, and the Inflow CDD (Coin Days Destroyed) metric spiked to 2.16 million. This crashed the price from $71,300 to $63,800.
The second phase — absorption on June 5–10. At the bottom of $61,400, whales stepped in: over 11,400 BTC (about $700 million) moved from exchanges to cold wallets, reflected in a negative netflow. At the very low, the Exchange Whale Ratio rose to 62.3% — whales were absorbing panic selling.
The third phase — bounce and reversal on June 11–14. As selling dried up, a sharp supply deficit emerged in the market. The Inflow CDD metric fell from 2.16 million to nearly zero — just 33,000 — indicating a complete halt in selling by long-term large holders.
Why a solid bottom formed
The main conclusion is clear: the capital shift from less resilient holders to large holders is complete. Whales have established the $60,000–$61,500 range as a strong support level for the BTC price.
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 bounce to $65,700. I interpret this reversal as a change in the market structure itself, not just a short-term technical bounce.
Given the depletion of exchange reserves, the path of least resistance for bitcoin is now upward. The logic is simple: the supply available for sale on exchanges is decreasing, while coins accumulated by large holders are moving into long-term storage.
My comment: Whale behavior is one of the most reliable indicators of a medium-term trend. The current supply reversal points to confidence among major players in further growth. If the macroeconomic backdrop remains favorable, we could see a test of new highs in the coming weeks.