Whales have completed their Bitcoin sell-off: BTC has reversed from its local bottom.
The Bitcoin (BTC) market is demonstrating a classic phase shift: the wave of panic selling by weak hands is completely exhausted, and large players have now seized the initiative. On-chain data analysis shows that whales have not only stopped dumping coins but are actively increasing their positions, triggering a sharp price rebound to $65,704.89.
A key signal was the reversal in the dynamics of the aggregate whale supply (wallets with a balance of 100 BTC or more). After a twelve-day decline, this indicator officially turned to growth on June 14. This coincided with a sharp reduction in the inflow of old coins to exchanges and a strong price recovery, indicating a fundamental change in market structure rather than a short-term technical bounce.
Three-Phase Model: From Panic to Accumulation
The first phase unfolded from June 1 to June 4. The inflow of old coins (Inflow CDD) surged to 2.16 million, crashing the price from $71,300 to $63,800. This was a classic capitulation.
The second phase (June 5–10) was a period of absorption. At the bottom around $61,400, whales entered the game: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio soared to 62.3%, meaning large holders were actively absorbing panic selling.
The third phase (June 11–14) was marked by a complete exhaustion of supply. The Inflow CDD indicator fell from 2.16 million to nearly zero (just 33,000), indicating a full halt in selling by long-term holders. This created a liquidity deficit that instantly pushed the price upward.
A Solid Bottom Has Formed
My analysis confirms: the capital flow from less resilient holders to whales is complete. The $60,000–$61,500 range is now consolidated as a strong support level. Whales have secured it by buying up all available volume.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The available supply for sale is shrinking, and coins accumulated by large holders are moving into long-term storage.
Expert opinion: This scenario is a classic "shakeout" before a new rally. While retail investors panicked, smart money was building positions. If whales continue to hold supply, the next significant resistance level is $68,000–$70,000. However, it is worth monitoring macroeconomic factors that could trigger a new wave of volatility.