Whales have completed their Bitcoin accumulation at the bottom: the market is reversing upwards
The wave of panic selling of Bitcoin, which drove the price from $71,300 to $63,800 in early June, has completely exhausted itself. Large holders — whales — not only stopped the sell-off but also actively bought up the supply at the local bottom, triggering a rebound to $65,704. This shift in supply dynamics is a key signal for the market.
Three Phases of Capital Redistribution
Analysis of on-chain data reveals a clear three-phase structure of this movement. The first phase (June 1–4) was marked by a sharp surge in the inflow of old coins to exchanges. The Inflow CDD (Coin Days Destroyed) indicator soared to 2.16 million, instantly pushing the price down.
The second phase (June 5–10) became critical: at the $61,400 level, whales entered the game. During this period, more than 11,400 BTC (about $700 million) was withdrawn from exchanges to cold wallets. The Exchange Whale Ratio, reflecting the share of large transactions in the incoming flow, reached 62.3% — whales were literally absorbing the panic selling of retail investors.
The third phase (June 11–14) completed the cycle. As sellers became exhausted, an acute supply deficit formed in the market. Inflow CDD collapsed from 2.16 million to nearly zero (to 33,000), indicating a complete halt in selling by long-term holders.
Formation of a Solid Bottom
The key takeaway is that the capital flow from less resilient holders to large holders is fully complete. Whales have established the $60,000–$61,500 range as a strong support level for BTC. On June 14, the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially turned upward, triggering a strong price rebound.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The available supply for sale on exchanges is shrinking, and the coins accumulated by large holders are moving into long-term storage. This is a structural market change, not a short-term technical rebound.
Analyst Commentary: We are observing a classic redistribution pattern that historically preceded new rallies. Whales are acting rationally, using panic to accumulate at reduced prices. If this scenario is confirmed, the $65,000–$66,000 zone will be the first target, and a breakout above will open the path to updating historical highs. However, traders should remember that volatility in June remains high, and any macroeconomic shocks could temporarily disrupt this dynamic.