The panic selling of bitcoin is over: whales have completed their accumulation at the local bottom.
The Bitcoin (BTC) market has experienced a powerful structural shift. After a two-week period of panic selling, large holders—so-called whales—have not only stopped dumping coins but have also begun actively increasing their positions. The result was immediate: the price rebounded to $65,704.89, and key on-chain indicators point to the complete end of the distribution phase.
Three Phases of the Market Maneuver
Events unfolded rapidly. The first phase occurred from June 1 to June 4, when old coins flooded onto exchanges. The Inflow CDD (Coin Days Destroyed) metric surged to 2.16 million, triggering a price crash from $71,300 to $63,800. It was during this time that retail investors and weak hands began liquidating positions in panic.
The second phase—"absorption"—covered the period from June 5 to June 10. At the bottom around $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 Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a Negative Netflow.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, jumped to 62.3%. This is a classic signal: institutional players were buying up supply from panicked sellers.
The third phase—reversal and rebound—occurred from June 11 to June 14. As soon as selling dried up, the market faced an acute supply shortage. Inflow CDD collapsed from 2.16 million to nearly zero—just 33,000. This means that long-term large holders have completely stopped dumping coins.
Why the Bottom Proved Solid
The key takeaway from this dynamic is clear: the capital flow from less resilient holders to large holders is complete. On June 14, the total supply of whales (wallets with a balance of 100 BTC or more) officially turned upward, triggering a strong Bitcoin price rebound to $65,700.
This is not a short-term technical bounce, but a change in the market structure itself. Exchange reserves are depleted, and coins accumulated by large players are moving into long-term storage. The path of least resistance for Bitcoin is now upward.
Expert comment: This scenario fully aligns with my expectations. The market has gone through a classic cycle of "fear—accumulation—growth." Whales act rationally: they use retail panic to consolidate positions at discounted prices. We are now seeing the formation of a new uptrend, and the $60,000–$61,500 level will act as strong support in the medium term. For investors who missed the bottom, the current pullback to $65,000 could be the last opportunity before a more aggressive upward move.