Whales have completed their Bitcoin accumulation: panic selling is a thing of the past
Large holders of Bitcoin (BTC) have fully completed the sell-off phase and reversed their supply dynamics upward, triggering a powerful price rebound to the $65,704 mark. On-chain data analysis shows that the flow of coins from less resilient market participants to whales has been completely exhausted.
Three-Phase Scenario: From Panic to Accumulation
The first phase unfolded from June 1–4. Old coins flooded onto exchanges, and the Inflow CDD metric (measuring the activity of long-dormant coins) surged to 2.16 million. This crashed the price from $71,300 to $63,800 — a classic panic sell-off.
The second phase — absorption — occurred from June 5–10. At the bottom of $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a Negative Netflow. The Exchange Whale Ratio, which tracks the share of large transactions in incoming exchange flows, spiked to 62.3% — whales were literally absorbing panic sales.
The third phase — rebound and reversal — took place from 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 sell-offs by long-term large holders.
Structural Reversal, Not a Technical Rebound
On June 14, the aggregate supply of whales — wallets with balances of 100 BTC or more — officially reversed upward, triggering a strong Bitcoin price rebound to $65,700. This reversal should be interpreted as a shift in the market's very structure, not 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: available supply for sale on exchanges is shrinking, while coins accumulated by large holders are moving into long-term storage. Whales have solidified the $60,000–$61,500 range as a strong support level for the BTC price.
My comment: We are witnessing a classic transfer of capital from "weak hands" to "strong hands." Panic sales by retail investors have been fully absorbed by institutional and large private players. This forms an extremely bullish fundamental signal — the next target is likely testing the $68,000–$70,000 zone, barring any new macroeconomic shocks.