Panic fades, whales remain: Bitcoin accumulation complete, market turns around
Analysis of on-chain data shows that the recent Bitcoin correction was not just a technical pullback, but a classic redistribution of capital from weak hands to strong ones. Large BTC holders, known as whales, have completed their selling phase and moved to active accumulation, triggering a sharp price rebound above $65,700.
A key signal is the reversal in whale supply dynamics. On June 14, the twelve-day decline in the total supply held by addresses with a balance of 100 BTC or more gave way to steady growth. This coincided with a sharp reduction in the inflow of "old" coins to exchanges and a strong price recovery.
Three Phases of Redistribution
The first phase occurred from June 1 to 4. Old coins flooded exchanges: the Inflow CDD metric (a measure of activity from coins that had not moved for a long time) surged to 2.16 million. This drove the price down from $71,300 to $63,800.
The second phase — absorption — took place from June 5 to 10. At the bottom around $61,400, whales stepped in: over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow. At the low point, the Exchange Whale Ratio, which reflects the share of large transactions in the incoming flow to exchanges, rose to 62.3% — whales were "absorbing" panic selling.
The third phase — the rebound and reversal — occurred from June 11 to 14. As selling dried up, a sharp supply deficit emerged in the market. The Inflow CDD metric fell from 2.16 million to nearly zero (just 33,000), indicating a complete halt in selling by long-term large holders.
Why a Solid Bottom Formed
The main takeaway: the capital flow from less resilient holders to large holders is complete. Whales have established the $60,000–$61,500 range as a strong support level for the BTC price. On June 14, the total whale supply officially reversed upward, triggering a strong Bitcoin price rebound to $65,700. This reversal represents a change in the very structure of the market, not just a short-term technical bounce.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The supply available for sale on exchanges is decreasing, while coins accumulated by large holders are moving into long-term storage.
Expert comment: We are witnessing a classic "capitulation" pattern by small investors, followed by an accumulation phase by institutional players. If the current trend continues, the $65,000–$67,000 zone will become a new support level, and a breakout above $68,000 will open the door to testing all-time highs. The market has been cleared of weak hands — this is a bullish signal for the medium term.