Bitcoin whales resumed accumulation after a 12-day supply decline, according to June 15 data shared by Cryptoquant on X covering activity from June 1 to June 14. More than 11,400 BTC left exchanges during a June 5-10 absorption phase as large holders accumulated near the $61,400 area, where the Exchange Whale Ratio rose to 62.3%. The supply reversal occurred as bitcoin recovered from a local low near $61,453, with whale wallets holding at least 100 BTC turning higher on June 14 while bitcoin traded above $67,000.
Whale Activity Unfolded Across Three Distinct Phases During Correction
Whale activity moved through three phases during the correction and recovery period tracked in the Cryptoquant analysis. Old coins first moved onto exchanges as BTC fell from about $71,300 to $63,800. Large holders then absorbed selling near the $61,400 area before total whale supply turned higher on June 14.
The analyst wrote: "The Whale U-Turn: On June 14, the 12-day decline in total Whale Supply officially reversed (U-Turned) to the upside."
Dormant-coin selling eased sharply after the early-June drawdown. Inflow Coin Days Destroyed, a metric that measures the movement of previously dormant coins to exchanges, fell from 2.16 million to about 33,000, according to the analysis. That drop indicated older bitcoin movements to exchanges slowed after heavy selling pressure earlier in the month.
Large holders accumulated near the lows from June 5 to June 10 as exchange balances declined. More than 11,400 BTC, worth roughly $700 million at the time, moved from exchanges to cold wallets during that period.
Exchange Withdrawals Reduced Available Supply During Bitcoin Stabilization
Negative netflow readings showed withdrawals exceeded deposits across several sessions, reducing immediately available exchange supply during bitcoin's stabilization. The Exchange Whale Ratio, a metric that measures the share of exchange inflows attributed to large holders, rose to 62.3% near the $61,400 area, a level described as aggressive whale buying during panic selling.
The June 11 to June 14 period brought fading sell pressure, continued withdrawals, and a turn higher in wallets holding at least 100 BTC. The data characterized that period as a supply shock as selling activity faded and whale supply turned higher.
The analyst stated: "As selling dried up, a massive 'supply shock' occurred. On June 14, total Whale Supply (100+ BTC Wallets) officially turned back up, triggering a strong price rebound to $65,704.89."
The whale-supply reversal marked a shift away from the exchange-inflow pressure seen earlier in the correction. The analyst concluded: "The wealth transfer from weak hands to strong hands is complete. Whales have locked in the $60,000--$61,500 range as a rock-solid floor. With exchange reserves depleted, the path of least resistance for bitcoin is now firmly upward."
FAQ
What did bitcoin whales do during the June 1-14 period?
Bitcoin whales resumed accumulation after a 12-day supply decline, with more than 11,400 BTC moving from exchanges to cold wallets during a June 5-10 absorption phase. Total whale supply turned higher on June 14 as large holders absorbed selling pressure near the $61,400 area.
What is the Exchange Whale Ratio and what level did it reach?
The Exchange Whale Ratio measures the share of exchange inflows attributed to large holders. According to the Cryptoquant analysis, this metric rose to 62.3% near the $61,400 area, a level described as aggressive whale buying during panic selling.
How much did the Inflow Coin Days Destroyed metric decline during this period?
Inflow Coin Days Destroyed, which measures the movement of previously dormant coins to exchanges, fell from 2.16 million to about 33,000 according to the analysis. That drop indicated older bitcoin movements to exchanges slowed after heavy selling pressure earlier in the month.
