Whales have completed absorption: panic selling of Bitcoin has dried up, the market has reversed upward.
Large Bitcoin (BTC) holders have completely finished their sell-off cycle and transitioned to active accumulation. This structural reversal triggered a sharp price rebound to $65,704.89, confirming that the transfer of coins from weak hands to strong hands is finally complete.
Three-Phase Scenario: From Panic to Absorption
On-chain data analysis reveals a clear three-stage sequence of events that unfolded in the Bitcoin market during the first half of June.
Phase One: Panic Dumping (June 1–4). Old coins, long dormant, flooded onto exchanges. The Inflow CDD (Coin Days Destroyed) metric surged to 2.16 million, instantly crashing the price from $71,300 to $63,800. This was a classic "capitulation" sell-off by long-term holders who could not withstand the pressure.
Phase Two: Whale Absorption (June 5–10). At the local bottom around $61,400, large players entered the game. During this period, over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a sustained negative netflow. The Exchange Whale Ratio, which measures the share of large transactions in exchange inflows, spiked to 62.3% — whales were literally "absorbing" panic selling, preventing the price from falling further.
Phase Three: Reversal and Rebound (June 11–14). Once sellers dried up, a sharp supply deficit emerged in the market. The Inflow CDD metric collapsed from 2.16 million to nearly zero (just 33,000), signaling a complete halt in selling by large holders. 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.
Why Did the Bottom Hold Firm?
The key takeaway here is not just a technical rebound, but a shift in the very structure of the market. The capital flow from less resilient holders to large holders is complete. Whales have cemented the $60,000–$61,500 range as a solid support level for the BTC price.
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 on exchanges is shrinking, while demand from institutional and large private players remains high.
My Analysis: We are witnessing a classic bullish signal — capital consolidation in the hands of "smart money" amid seller exhaustion. If Bitcoin holds above $66,000 in the coming days, it will open the door to retesting the $70,000+ zone. However, the key support level remains $62,000 — a break below that would cast doubt on the strength of the current reversal.