CryptoQuant analyst Woo Mingyu believes that large Bitcoin (BTC) holders have finished selling off and turned the trajectory of their supply upward, triggering a price rebound to $65,704.89. By his estimate, the transfer of coins from less resilient holders to whales is fully complete.

The key signal — a reversal in the supply of large holders. According to Woo Mingyu, on June 14 a twelve-day decline in the whales' aggregate supply officially turned into growth. This coincided with a sharp drop in the inflow of old coins onto exchanges and a strong recovery in price.

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How the sell-off and absorption played out

The first phase fell on June 1–4. Old coins flooded onto exchanges, and the Inflow CDD indicator (Coin Days Destroyed, a measure of the activity of coins that had not moved for a long time) jumped to 2.16 million. This crashed the price from $71,300 to $63,800.

The second phase — absorption on June 5–10. At the bottom of $61,400, the whales stepped in: more than 11,400 BTC (about $700 million) moved off exchanges to cold wallets, which showed up as Negative Netflow. At the same low, the Exchange Whale Ratio, which reflects the share of large transactions in the inflow onto exchanges, rose to 62.3% — the whales were «absorbing» the panic selling.

The third phase — the rebound and reversal on June 11–14. As the selling dried up, a sharp supply deficit emerged in the market. According to the analyst, the Inflow CDD indicator fell from 2.16 million to almost zero — just 33,000, which signals a complete halt in selling by long-term large holders.

Why a solid bottom formed

By Woo Mingyu's estimate, the main conclusion is simple: the flow of capital from less resilient holders to large holders is complete. The whales locked in the $60,000–61,500 range as a solid support for the BTC price.

Thus, on June 14 the aggregate supply of whales — wallets with a balance of 100 BTC and above — officially turned upward, which is what set off Bitcoin's strong price rebound to $65,700. The analyst interprets this reversal as a change in the very structure of the market, rather than a short-term technical bounce.

Source: BeInCrypto