Whales completed the sell-off: Bitcoin reversed from the bottom to $65,700
The Bitcoin market has experienced one of the most telling phases of capital redistribution in recent weeks. My on-chain data analysis confirms: panic selling by weak hands has been completely exhausted, and large holders—whales—have already completed their active accumulation phase. The result is a sharp price reversal to the $65,704.89 mark.
The key signal was a change in whale supply dynamics. On June 14, after a twelve-day decline, the total supply of addresses with a balance of 100 BTC or more officially reversed upward. This coincided with a critical reduction in the inflow of old coins to exchanges and a strong price recovery.
How the sell-off and absorption unfolded
The process developed in three distinct phases:
Phase 1 (June 1–4): Old coins flooded exchanges. The Inflow CDD indicator (a measure of activity from long-dormant coins) surged to 2.16 million. This drove the price down from $71,300 to $63,800.
Phase 2 (June 5–10): At the bottom near $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 Over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative net flow. The Exchange Whale Ratio, which shows the share of large transactions in the incoming flow, rose to 62.3%—whales were literally absorbing panic selling.
Phase 3 (June 11–14): Selling dried up. An acute supply shortage emerged in the market. Inflow CDD fell from 2.16 million to nearly zero—just 33,000. This indicates a complete halt in selling by long-term large holders.
Why a solid bottom formed
The main conclusion from this dynamic is clear: the capital shift from less resilient holders to large holders is complete. Whales have cemented the $60,000–$61,500 range as a strong support level for the BTC price.
On June 14, whale supply officially reversed upward, triggering a strong bounce to $65,700. I interpret this reversal not as a short-term technical bounce, but as a change in the very structure of the market. The available supply for sale on exchanges is shrinking, and coins accumulated by large holders are moving into long-term storage.
Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. The logic is simple: sellers are becoming fewer, while buyers—large players—have already built their positions.
My professional opinion: this pattern is a classic sign of the start of a new accumulation cycle. If whales continue to hold their positions rather than take profits at current levels, we could see a gradual move toward the $68,000–$70,000 zone in the coming weeks. However, it is worth monitoring the volume of inflows to exchanges—any sharp increase could signal a shift in sentiment.