Bitcoin is back above the crucial $65,000 level, all thanks to the rising accumulation from whales as they complete multiple months of persistent selling.
As of Monday, June 15, the latest data from crypto analytics platform, Cryptoquant, shows that large Bitcoin holders have finished a major selling phase and are once again accumulating the leading crypto asset.
Bitcoin supply shock brewing
The data shows that the Bitcoin Inflow Coin Days Destroyed (CDD) has dropped massively from 2.16 million to just 33,000, signaling a significant slowdown in selling from Bitcoin whales.
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Typically, the data suggests that older coins that had been moving to exchanges are no longer being sold in significant amounts.
Notably, the data shows that the sell-off was most intense in early June, when Bitcoin dropped from around $71,300 to $63,800. At the time, long-held Bitcoin tokens increasingly flowed into exchanges amid the heightened sell pressure.
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However, sentiment began to shift after the price touched a major low near $61,400 a few days later. With Bitcoin being cheap at this point, whales have stepped in aggressively, positioning the asset for a potential supply shock.
The data has further shown that more than 11,400 BTC worth about $700 million have been withdrawn from exchanges and moved into private wallets in just a few days.
Apparently, this shows that large holders were buying during the dip rather than preparing to sell. This is also evident in the Bitcoin ETF performance as they finally achieved a net inflow during their latest trading session.
Bitcoin eyes further upside trend
As whales began to step in, Bitcoin is flashing signs of a major recovery as selling pressure increasingly fades and exchange balances continue to shrink.
As of June 14, the total Bitcoin supply held by wallets carrying at least 100 BTC had started rising again after nearly two weeks of decline, coinciding with Bitcoin's rebound to about $65,700. This suggests that whales are preparing the asset for a major price breakout.
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