Whales have completed their accumulation: panic selling of bitcoin is a thing of the past
The Bitcoin market has undergone a classic capital redistribution cycle: small and uncertain holders have ceded their positions to major players. On-chain data analysis shows that the wave of panic selling, which drove the price of the first cryptocurrency from $71,300 down to $63,800, has been fully exhausted. Moreover, key metrics indicate a reversal in the supply trend from whales, triggering a sharp price rebound to $65,704.89.
Three Phases of the Market Maneuver
The first phase, occurring from June 1 to June 4, was characterized by a sharp spike in the inflow of "old" coins to exchanges. The Inflow CDD (Coin Days Destroyed) metric surged to 2.16 million, signaling a mass exit by long-term holders. This served as the trigger for the price collapse.
However, from June 5 to June 10, whales entered the scene. At the local bottom around $61,400, they began aggressively absorbing supply. Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow (Negative Netflow). The Exchange Whale Ratio, which measures the share of large transactions in the incoming flow, jumped to 62.3% — a direct sign that institutional and large private investors were "absorbing" panic selling.
The climax occurred from June 11 to June 14. As sellers were exhausted, an acute supply shortage formed on the market. The Inflow CDD metric plummeted from 2.16 million to nearly zero (just 33,000), indicating a complete halt in selling by long-term holders.
Change in Market Structure
On June 14, the aggregate supply of whales — wallets with balances of 100 BTC or more — officially turned upward. This is not a short-term technical rebound but a fundamental shift in market structure. The $60,000–$61,500 range is now established as a solid support level, formed by large capital.
Given the depletion of exchange reserves and the movement of accumulated coins into long-term storage, the path of least resistance for Bitcoin is now upward. Available supply for sale is shrinking, while demand from major players appears to be only increasing.
Expert comment: We are witnessing a classic consolidation pattern ahead of a new rally. Whales have not just bought the bottom — they have effectively "cleaned" the market of weak hands. If the macroeconomic backdrop remains neutral, BTC has every chance to test the resistance zone of $68,000–$70,000 in the coming weeks.