- Bitcoin rebounds to $65.7K as whale selling pressure sharply fades after $60K drop.
- Whale inflows drop as 11.4K BTC exits exchanges, signaling a shift toward accumulation.
- BTC breaks $64.3K resistance with $67.6K now acting as the next key technical level
Bitcoin’s price rebounded above $65,700 after on-chain data showed large holders halted an intense selling phase that accelerated during the market’s recent decline below $60,000. The recovery followed a period of heavy exchange inflows from major investors, whose activity increased sharply as prices retreated from May highs.
Data shared by CryptoQuant analysts shows the market experienced two distinct phases over recent weeks. Initially, whale transfers to exchanges surged as prices weakened. However, that trend later reversed as long-term holders stopped sending coins to trading platforms and began withdrawing significant amounts from exchanges.
Whale Selling Pressure Eases After Weeks of Heavy Exchange Inflows
According to CryptoQuant analyst Darkfost, whale activity intensified after Bitcoin fell from its May peak of $82,700. Daily transfers to Binance exceeded 6,000 BTC several times and briefly surpassed 8,000 BTC in early June.
The analyst noted that average daily whale inflows climbed to roughly 3,200 BTC over the past month, compared with about 1,200 BTC at the end of April. The increase of more than 160% suggested growing willingness among large holders to reduce exposure during heightened market uncertainty.
Meanwhile, another CryptoQuant analyst, Woominkyu, reported that the selling phase later subsided. The firm’s Inflow Coin Days Destroyed metric dropped from 2.16 million to roughly 33,000, indicating that older coins previously moving to exchanges had largely stopped flowing into the market.
The analyst described the shift as evidence that long-term holders had completed a major distribution phase.
Large Holders Absorb Panic Selling Near $61.4K Price Floor
During the decline, Bitcoin briefly reached a local bottom near $61,400. Woominkyu said large investors stepped in aggressively during that period.
The Exchange Whale Ratio climbed to 62.3%, while more than 11,400 BTC, valued at roughly $700 million, moved from exchanges into cold storage between June 5 and June 10. Negative net flows during that period suggested coins were leaving trading venues faster than they were arriving.
On June 14, the total whale supply held by wallets with at least 100 BTC reversed higher after 12 consecutive days of decline. The analyst described the move as a notable shift in ownership dynamics as supply migrated from short-term sellers to larger holders.
Bitcoin Breaks $64.3K Resistance as Recovery Momentum Strengthens
The improving on-chain backdrop coincided with a technical breakout highlighted by market analyst Ali Martinez. Bitcoin moved above a closely watched resistance level near $64,360 after several days of consolidation between $62,000 and $64,000.
Martinez noted that maintaining momentum above the former resistance zone could open the way toward $67,630, which marks the next major resistance area. The breakout followed a pattern of higher lows on the four-hour chart, reflecting improving short-term market structure as the recovery gained traction.
Related: Bitcoin Has Not Reached Capitulation Yet, Says CryptoQuant Analyst
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