Whales completed the sell-off: Bitcoin reversed from the bottom to $65,700
The cycle of panic selling of Bitcoin is over. Large holders have not only stopped dumping coins but have also reversed the upward trend in their supply, triggering a sharp price rebound to $65,704.89. On-chain data analysis confirms: the transfer of capital from less stable participants to whales is fully complete.
Three Phases of Redistribution: From Panic to Absorption
The first phase occurred from June 1 to June 4. During this period, old coins flooded exchanges, and the Inflow CDD (Coin Days Destroyed) metric surged to 2.16 million. This crashed the price from $71,300 to $63,800 — a classic panic sell-off by long-term holders who could not withstand the pressure.
The second phase — absorption, from June 5 to June 10. At the low of $61,400, whales entered the game: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets.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% — large players literally "absorbed" panic selling, creating a negative net flow (Negative Netflow).
The third phase — rebound and reversal, from June 11 to June 14. As sellers dried up, a sharp supply deficit formed in the market. Inflow CDD collapsed from 2.16 million to nearly zero — just 33,000. This indicates a complete halt in selling by large long-term holders.
Structural Reversal, Not a Technical Bounce
The key signal is the reversal of the aggregate supply of whales (wallets with a balance of 100 BTC or more) on June 14. This metric officially shifted from a downward trend to an upward one, triggering a strong price rebound to $65,700. It is important to understand: this is not a short-term technical bounce, but a change in the market structure itself. The $60,000–$61,500 range is now cemented as a solid support level.
Exchange reserves are depleted, and the coins accumulated by whales are moving into long-term storage. The path of least resistance for Bitcoin is now upward. The logic is simple: the available supply for sale is decreasing, while demand from large players is only growing.
My opinion: This cycle confirms the classic accumulation pattern at the bottom. Whales did not just buy the dip — they effectively bought up the entire volume from retail panic sellers. If the supply dynamics persist, we could see a test of the $68,000–$70,000 zone in the coming weeks. The market is laying the foundation for the next upward impulse.