Bitcoin panic selling is over: whales bought the bottom and reversed the market
The Bitcoin market has experienced a classic cycle of capitulation and accumulation. On-chain analytics data confirms that large holders (whales) not only stopped selling but also actively bought up supply from long-term weak hands, triggering a sharp price rebound above $65,700.
A key signal was the change in direction of the aggregate supply of whales—wallets with a balance of 100 BTC or more. After a twelve-day decline, this indicator reversed upward on June 14, coinciding with a sharp drop in the inflow of old coins to exchanges and a strong price recovery.
Three Phases of the Market Maneuver
First wave (June 1–4): Old coins flooded the market. The Inflow CDD (Coin Days Destroyed) metric, which measures the activity of coins that have not moved for a long time, surged to 2.16 million. This triggered a price crash from $71,300 to $63,800.
Second wave (June 5–10): At the low 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 Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative netflow.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 shows the share of large transactions in the incoming flow to exchanges, jumped to 62.3%—whales were literally absorbing panic selling.
Third wave (June 11–14): Selling dried up. An acute supply shortage emerged on the market. Inflow CDD collapsed from 2.16 million to nearly zero—just 33,000. This indicates a complete halt in selling by long-term holders.
Why a Solid Bottom Formed
The main takeaway is that the transfer of capital from less resilient holders to large holders is complete. Whales have solidified the $60,000–$61,500 range as a strong support level for the BTC price. On June 14, the aggregate supply of whales officially reversed upward, triggering a strong rebound to $65,700.
This is not a technical rebound but a shift in the very structure of the market. 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 coins accumulated by large players are moving into long-term storage.
My professional opinion: This dynamic is a classic sign of the start of a new bullish impulse. Whales are acting not on emotion but on fundamental data. If the current trend continues, we could see a test of the $70,000 level and higher in the coming weeks. The market has been cleansed of weak hands, and the path for growth is now open.