Bitcoin panic selling is over: whales bought the bottom and reversed the trend
The Bitcoin market has undergone a classic phase of capital redistribution: a wave of panic selling by retail and weak holders was fully absorbed by large players. On-chain data and flow analysis indicate that whales not only halted the sell-off but are actively increasing their positions, triggering a confident price rebound above $65,700.
Three Phases of 'Capitulation and Accumulation'
The process developed in stages. The first phase, occurring from June 1 to 4, was marked by a sharp influx of 'old' coins onto exchanges. The Inflow CDD metric (which reflects the activity of coins that have not moved for a long time) surged to 2.16 million. This triggered a price drop from $71,300 to $63,800.
The second phase was a period of active absorption from June 5 to 10. At the local bottom around $61,400, whales stepped in. Over these days, more than 11,400 BTC (approximately $700 million) was withdrawn from exchanges to cold wallets, forming a sustained Negative Netflow. The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow to exchanges, soared to 62.3% — a clear sign that institutions and large holders were 'absorbing' panic selling.
The third phase was the reversal and rebound from June 11 to 14. When supply from sellers dried up, the market instantly felt a liquidity shortage. Inflow CDD collapsed from 2.16 million to nearly zero (just 33,000). This signals a complete halt in selling by long-term holders.
Structural Reversal: Bottom Confirmed
The key moment was June 14. The aggregate supply of whales (wallets with a balance of 100 BTC or more) officially turned upward. This is not a short-term technical bounce, but a change in the very structure of the market. The $60,000–$61,500 range now acts as a solid support level, formed by large capital.
Given the depletion of exchange reserves and the flow of coins into long-term storage, the path of least resistance for Bitcoin is now upward. The available supply for sale on exchanges is shrinking, and the assets accumulated by whales are moving into 'cold storage,' reducing the likelihood of a new crash.
My comment as an analyst: This scenario is a classic example of 'reaccumulation' within a bull cycle. While retail investors panicked, smart money consolidated their positions. If the current dynamics persist, we could see a test of the $70,000 level in the coming weeks. However, the key trigger for a new rally will be the return of trading volume and confirmation of a breakout above the resistance zone of $66,000–$67,000.