Whales have completed their Bitcoin accumulation: panic selling has dried up, and the price is poised for a rise.
The Bitcoin market has undergone a significant structural transformation. The wave of panic selling that drove the price from $71,300 down to $61,400 has been completely exhausted. It has been replaced by aggressive accumulation from the largest holders — whales, who not only halted the decline but reversed the supply dynamics upward, triggering a rebound to $65,704.
Three Phases of the Market Maneuver: From Sell-off to Accumulation
On-chain data analysis reveals a clear three-phase sequence of events that unfolded from June 1 to June 14.
First Phase (June 1–4): A wave of "old" coins flooded the market. The Inflow CDD (Coin Days Destroyed) metric, which measures the activity of long-dormant funds, surged to 2.16 million. This triggered a price collapse from $71,300 to $63,800.
Second Phase (June 5–10): Whales stepped in. At the $61,400 level, they began actively absorbing panic selling. Over 11,400 BTC (approximately $700 million) was withdrawn from exchanges to cold wallets, reflected in a Negative Netflow. The Exchange Whale Ratio, indicating the share of large transactions in the incoming flow, soared to 62.3% — whales were literally "absorbing" the supply.
Third Phase (June 11–14): Selling dried up. Inflow CDD plummeted from 2.16 million to nearly zero — just 33,000. This signifies a complete halt in selling by long-term large holders. As soon as the supply vanished, an acute shortage formed in the market, and the price instantly rebounded.
Why the Bottom Proved Resilient
The key signal is the reversal in the aggregate supply of whales (wallets with a balance of 100 BTC or more). On June 14, this indicator officially turned upward, triggering a powerful rebound. This is not a short-term technical bounce, but a shift in the market's very structure. Capital has flowed from less resilient holders to major players, who have cemented the $60,000–$61,500 range as a solid support level.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. Available supply for sale is diminishing, and the coins accumulated by whales are moving into long-term storage.
My analysis confirms: we are witnessing a classic pattern of capital redistribution from weak hands to strong hands. If whales continue to hold their positions, the current level will serve as a foundation for a new upward movement. The market has been cleansed of excess supply, and the next impulse could be much stronger than most expect.