Whales have completed their bitcoin accumulation: panic selling is a thing of the past, the market has turned around
On-chain data analysis confirms: the wave of panic selling of Bitcoin (BTC) is completely exhausted. Large holders, known as whales, have not only stopped selling but are actively increasing their positions, triggering a sharp price rebound to $65,704.89. The key signal is a trend reversal in the aggregate supply of whales, which is now pointing upward.
The events of the last two weeks represent a classic example of capital redistribution from weak hands to strong ones. The first phase, occurring from June 1–4, was marked by a sharp surge in activity from long-dormant coins. The Inflow CDD (Coin Days Destroyed) indicator soared to 2.16 million, crashing the price from $71,300 to $63,800. This was panic—holders unable to withstand the pressure dumped their assets.
However, the story did not end there. From June 5 to 10, whales entered the scene. At the low around $61,400, they began aggressive accumulation: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio indicator, which reflects the share of large transactions in total exchange inflows, jumped to 62.3%. This means whales were literally absorbing panic selling, creating strong demand at the bottom.
Three-phase scenario: from sell-off to scarcity
The third phase, unfolding from June 11 to 14, became the climax. When the selling flow dried up, the market faced an acute supply shortage. Inflow CDD collapsed from 2.16 million to nearly zero—just 33,000. This is direct evidence that long-term holders have completely stopped selling.
On June 14, the aggregate supply of whales (wallets with a balance of 100 BTC or more) officially turned upward, triggering a powerful rebound to $65,700. This is not just a technical bounce—it is a change in the very structure of the market. Whales have solidified the $60,000–$61,500 range as a strong support level.
My view: the path upward becomes more likely
From a fundamental analysis perspective, we are now witnessing a rare moment when on-chain metrics provide an unambiguous signal. The depletion of exchange reserves combined with aggressive accumulation by the largest players creates the conditions for further growth. The path of least resistance for Bitcoin is now upward. The only question is how quickly the market can overcome the resistance zone near $67,000–$68,000, where high seller activity was previously recorded. However, given the current supply-demand imbalance, I assess the probability of a breakout in the coming weeks as high.