Bitcoin Whales Reverse 12-Day Slide as ‘Massive Supply Shock’ Emerges

Bitcoin held above $67,000 as on-chain data showed large holders reversing a 12-day decline in supply. Whale wallets increased holdings after absorbing selling near $61,400, while more than 11,400 BTC left exchanges and dormant-coin activity fell sharply.

Key Takeaways:

• • Data shared by Cryptoquant showed major bitcoin holders resumed accumulation after nearly two weeks of declining supply.
• • More than 11,400 BTC left exchanges during the June 5-10 absorption phase.
• • The Exchange Whale Ratio rose to 62.3% near the $61,400 area as large holders absorbed selling pressure.

Whale Supply Reversal Signals Shift in Large Holder Activity

Bitcoin traded above $67,000 as a June 15 whale activity analysis shared by Cryptoquant on X showed total supply held by large wallets turning higher after a 12-day decline. The data covered activity from June 1 to June 14, when whale supply reversed while bitcoin recovered from a local low near $61,453.

Whale activity unfolded across three distinct phases during the correction and recovery. 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 and Supply Shock Shape Bitcoin Whale Activity

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, also 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.”