Whales have completed their Bitcoin accumulation: panic selling is behind us, the market is turning around.
The Bitcoin (BTC) market has experienced a classic capital redistribution cycle: after a wave of panic selling by short-term speculators, large holders — so-called "whales" — not only halted the sell-off but began actively increasing their positions. The result was swift — a price rebound to $65,704.89 became a logical consequence of the shift in supply structure.
The process unfolded in three distinct stages. The first — from June 1 to June 4 — was characterized by a massive influx of "old" coins onto exchanges. The Inflow CDD (Coin Days Destroyed) metric, which measures the activity of long-dormant assets, surged to 2.16 million. This triggered a crash from $71,300 to $63,800.
The second stage — from June 5 to June 10 — was the absorption phase. At the local bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio indicator, reflecting the share of large transactions in the incoming flow to exchanges, jumped to 62.3%. This signals that institutional players were actively "absorbing" panic selling.
The third stage — from June 11 to June 14 — marked a reversal. As seller supply dwindled, the market faced a sharp liquidity shortage. Inflow CDD dropped from 2.16 million to nearly zero (just 33,000), indicating a complete halt in selling by long-term holders. On June 14, the total whale supply (wallets with a balance of 100 BTC or more) officially turned upward, triggering the rebound to $65,700.
Why a solid bottom formed?
The key takeaway is that the $60,000–61,500 range was cemented by whales as a strong support level. This is not a short-term technical bounce but a shift in the market's very structure. Exchange reserves are depleted, coins are moving into long-term storage, and available supply for sale is shrinking. The path of least resistance is now upward.
Cryptalist's comment: This scenario is a classic example of the market "shaking out" weak hands before a new rally. If whales continue to hold their positions and the macroeconomic backdrop remains neutral, we could see a test of the $68,000–70,000 level in the coming weeks. However, it's worth remembering that any sharp rise will trigger profit-taking — so corrections are inevitable.