Whales have completed their Bitcoin accumulation: panic selling is a thing of the past, and the market is turning upward.
The Bitcoin (BTC) market has undergone a significant structural transformation. On-chain data analysis shows that the wave of panic selling by long-term holders has been completely exhausted. The largest players, known as "whales," have not only stopped selling but have also begun actively increasing their positions, triggering a powerful price rebound to $65,704.89.
Three-Phase Model: From Panic to Accumulation
The first phase, occurring from June 1 to June 4, was characterized by a sharp surge in activity from old coins. The Inflow CDD (Coin Days Destroyed) indicator soared to 2.16 million, indicating a mass movement of "dormant" BTC to exchanges. This caused the price to collapse from $71,300 to $63,800. However, from June 5 to June 10, the second phase—absorption—began. At the low of $61,400, whales started actively buying up the supply: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets. The Exchange Whale Ratio reached 62.3% during this period, confirming the dominance of large players in absorbing panic sales.
Supply Reversal and Bottom Formation
A key signal came on June 14. The twelve-day decline in the total supply held by whales (wallets with a balance of 100 BTC or more) officially reversed to growth. This coincided with a sharp drop in Inflow CDD to nearly zero—just 33,000. Such a value indicates a complete halt in selling by large long-term holders. Analysts interpret this reversal not as a short-term technical bounce, but as a change in the very structure of the market.
The $60,000–$61,500 range has now formed a solid price support. The logic is simple: the available supply for sale on exchanges is shrinking, and the coins accumulated by whales are moving into long-term storage. The path of least resistance for Bitcoin is now upward.
Expert Commentary: We are witnessing a classic pattern of capital redistribution from "weak hands" to "strong hands." The completion of this process is an extremely bullish signal. Given the depletion of exchange reserves and the resumption of whale accumulation, the current rebound has every chance of evolving into a full-fledged uptrend. Investors should closely watch the $65,700–$66,000 level as the nearest resistance; a breakout above it will open the door to new local highs.