Bitcoin panic selling is over: whales seized the initiative at the bottom
The Bitcoin market has gone through a classic capital redistribution cycle: a wave of panic selling from less resilient holders met strong resistance from large players. On-chain data analysis indicates that the process of transferring coins from retail investors to institutional "whales" is fully complete, triggering a sharp price rebound to $65,704.89.
The key signal was a reversal in the supply dynamics of large holders. On June 14, the twelve-day decline in the total supply of whales (wallets with a balance of 100 BTC or more) officially turned into growth. This moment coincided with a sharp reduction in the inflow of old coins to exchanges and a strong price recovery.
How the sell-off and absorption unfolded
The first phase occurred on June 1–4. Old coins flooded exchanges, and the Inflow CDD (Coin Days Destroyed) indicator spiked to 2.16 million. This crashed the price from $71,300 to $63,800.
The second phase was absorption on June 5–10. At the bottom of $61,400, whales stepped in: over 11,400 BTC (about $700 million) moved from exchanges to cold wallets, reflected in a Negative Netflow. At the lowest point, the Exchange Whale Ratio rose to 62.3% — whales were "absorbing" panic selling.
The third phase was the rebound and reversal on June 11–14. As selling dried up, a sharp supply deficit emerged in the market. The Inflow CDD indicator fell from 2.16 million to nearly zero — just 33,000, signaling a complete halt in selling by long-term large holders.
Why a solid bottom formed
The main conclusion is simple: the capital flow from less resilient holders to large holders is complete. Whales have cemented the $60,000–$61,500 range as a strong support level for the BTC price.
Thus, on June 14, the total whale supply officially reversed upward, triggering a strong Bitcoin price rebound to $65,700. I interpret this reversal as a change in the market structure itself, not just a short-term technical bounce.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The logic is that the available supply for sale on exchanges is decreasing, while coins accumulated by large holders are moving into long-term storage.
Expert comment: The scenario we are observing is a classic "bottom accumulation" pattern. Whales are using retail panic to aggressively build positions. Given the depletion of supply on exchanges, the next significant upward impulse could be much sharper than most market participants expect. I recommend closely watching the $68,000 level — a breakout above it will open the path to testing all-time highs.