The wave of panic selling of bitcoin has subsided: whales bought the bottom and reversed the market
The Bitcoin market has experienced a classic cycle of capitulation and redistribution. Analyzing the latest on-chain data, I see a clear picture: the wave of panic selling by retail and weak holders is completely over. Large players — whales — have not only stopped the sell-off but have actively bought up supply at the local bottom, triggering a powerful price rebound above $65,700.
The key signal I have been tracking over the past two weeks is the reversal in whale supply dynamics. On June 14, the twelve-day decline in the total supply of addresses with a balance of 100 BTC or more officially turned into growth. This reversal coincided with a sharp reduction in the inflow of "old" coins to exchanges and a strong price recovery.
Three-Phase Scenario: From Panic to Absorption
The first phase unfolded from June 1 to June 4. The Inflow CDD (Coin Days Destroyed) metric, which measures the activity of long-dormant coins, surged to 2.16 million. This triggered a price collapse from $71,300 to $63,800 — a classic dump by long-term holders who had lost patience.
The second phase — absorption — occurred from June 5 to June 10. At the $61,400 mark, whales entered the game. During this period, over 11,400 BTC (approximately $700 million) were withdrawn from exchanges to cold wallets, reflected in a negative netflow. The Exchange Whale Ratio, which indicates the share of large transactions in the incoming flow to exchanges, jumped to 62.3%. This suggests that whales were actively absorbing panic selling, creating strong demand.
The third phase — the rebound and reversal — took place from June 11 to June 14. As selling dried up, a sharp supply deficit formed in the market. The Inflow CDD metric plummeted from 2.16 million to nearly zero — just 33,000. This marks a complete halt in selling by large long-term holders.
Thus, on June 14, the total whale supply officially reversed upward, triggering a strong Bitcoin rebound 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.
Why the Bottom Proved Resilient
The main conclusion is obvious: 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 BTC. Given the depletion of exchange reserves, the path of least resistance for Bitcoin is now upward. Available supply for sale on exchanges is shrinking, while coins accumulated by large holders are moving into long-term storage.
My expert opinion: the current market configuration is not just a local bounce, but a fundamental regime change. Given that whales have completed their accumulation phase at the bottom and seller pressure has dried up, Bitcoin has every chance for a sustained move toward new local highs in the coming weeks. However, the key level to confirm this scenario remains a breakout and consolidation above $67,000.