Bitcoin price hits $61.5K bottom and bounces back to $65.7K

Large Bitcoin holders are finishing their selling phase, and that is immediately reflected in the price. After a local bottom of $61.4K, Bitcoin bounced back to $65.7K, a rise of 2.0% in the past 24 hours. On-chain data from CryptoQuant shows that the so-called whale supply is making an official turnaround, which analysts interpret as a positive signal for further price development.

Bitcoin is available at OKX and Bybit.

Whales stop dumping

Between 1 and 14 June, the Bitcoin market showed a clear pattern. In the first week, there was a net flow of Bitcoin to exchanges, a sign that large players were offloading their holdings. Around 4 to 5 June, the net inflow to exchanges peaked at nearly 6,000 BTC per day. At the same time, the Bitcoin price dropped from over $71K at the beginning of June to a low of $61.4K on 10 June.

Then sentiment turned. The net outflow of Bitcoin from exchanges increased, meaning large holders are actually withdrawing their coins from exchanges instead of selling them. The whale supply, which had been declining for weeks, is now making a sharp upward turn. Analyst Woo Minkyu from CryptoQuant states that the $60K to $61K range is proving to be a solid floor for the price. How whales influence the market is a well-known dynamic, but the scale of the shift is striking.

Exchange reserves depleted, upward pressure increases

Another striking data point is the Exchange Whale Ratio, which shows the proportion of large transactions relative to total exchange volume. That ratio peaked around 6 June at the highest level of the measured period, but has been steadily declining since. This indicates less selling pressure from large players.

Combined with the sharply reduced exchange reserves, a situation arises where supply on exchanges is shrinking while demand persists. Woo Minkyu concludes that the path of least resistance for Bitcoin now clearly points upward. Earlier, long-term holders also reported that they are selling less Bitcoin than ever, further reinforcing the picture of declining selling pressure. Whether the price now pushes towards higher levels also depends on broader market conditions, but the whale data are giving off a bullish signal for now.