Whales have completed their Bitcoin accumulation: panic selling is a thing of the past, and the market is turning upward.
The analytical picture for Bitcoin (BTC) has undergone a radical change. On-chain data indicates that large holders — the so-called "whales" — have completely completed the phase of aggressive accumulation at local lows. This triggered a powerful price rebound to the level of $65,704.89, and now the supply structure in the market looks fundamentally different.
The key signal was a reversal in the dynamics of the total whale supply. After a twelve-day continuous decline, this trend officially turned to growth on June 14. This moment coincided with a sharp reduction in the inflow of "old" coins to exchanges and a strong recovery in quotes. We are observing a classic scenario of capital redistribution from less stable hands to institutional players.
Three-Phase Model: From Sell-off to Absorption
The first phase unfolded from June 1 to June 4. The flow of coins that had not moved for a long time (Inflow CDD) surged to 2.16 million, which crashed the price from $71,300 to $63,800. This was a classic capitulation of long-term holders.
The second phase — absorption — occurred from June 5 to June 10. At the bottom around $61,400, whales stepped in. Over 11,400 BTC (about $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative netflow. The Exchange Whale Ratio soared to 62.3% — whales were literally "absorbing" panic selling.
The third phase — rebound and reversal — started from June 11 to June 14. As sellers dried up, an acute supply shortage formed in the market. The Inflow CDD indicator collapsed from 2.16 million to nearly zero (just 33,000), signaling a complete halt in selling by large holders.
Why the Bottom Proved Strong
The main conclusion from this dynamic is obvious: the flow of capital from weak hands to strong hands is complete. Whales have cemented the $60,000–$61,500 range as a solid support for the BTC price. The reversal in total whale supply on June 14 is not just a technical rebound, but a change 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 decreasing, and coins accumulated by large holders are moving into long-term storage. This creates the prerequisites for a sustained upward movement.
My expert commentary: The current scenario is a classic "shakeout" before a new rally. Whales didn't just buy the bottom — they structurally changed the balance of power. If the $65,700 level holds in the coming days, the next target will be the $68,000–$70,000 zone. Panic sellers have been left behind, and the market has passed into the hands of patient players.