Bitcoin has climbed back above the $65,000 threshold, signaling a new phase of accumulation after months of pressure from large-scale selling. On-chain data now shows that major investors are returning to the market, buying up Bitcoin rather than offloading holdings. This shift is fueling new expectations that supply could tighten following the recent downturn.
Sale pressure sharply eased
According to data released by crypto analytics platform CryptoQuant on June 15, large Bitcoin holders have wrapped up a period of heavy selling and begun accumulating again. CryptoQuant, recognized for its on-chain analytics, highlighted that significant change in investor behavior is underway.
Figures reveal that the Bitcoin Inflow Coin Days Destroyed (CDD) indicator plummeted from 2.16 million to just 33,000. This dramatic decline signals a sharp slowdown in the pace at which long-held Bitcoins are moving to exchanges for sale.
Glossary: Coin Days Destroyed (CDD) is an on-chain metric that measures how much older, previously unmoved Bitcoin is being transferred. Rising CDD suggests long-term investors are selling, while falling CDD indicates their selling pressure is weakening.
On-chain data regarding exchange inflows suggests that long-term Bitcoin holders are no longer sending their coins to exchanges for sale as aggressively as before.
Market sentiment shifted after early June dip
The most intense selling phase occurred in the opening days of June, when Bitcoin dropped from around $71,300 to as low as $63,800. During this period, there was a spike in movement of coins held for a long time onto exchanges, greatly increasing downward pressure on the market.
Nevertheless, after Bitcoin briefly touched a low near $61,400, a change became evident. Data indicated that major investors saw these lower levels as a buying opportunity, choosing to accumulate rather than sell.
Major BTC withdrawals from exchanges observed
In a matter of days, more than 11,400 BTC, valued at about $700 million, were moved off exchanges into private wallets. The rise in BTC leaving exchanges is being interpreted as a sign that the market is not preparing for short-term selling.
| Indicator | Before | Current |
|---|---|---|
| Bitcoin Inflow CDD | 2.16 million | 33,000 |
| Bitcoin price | around $71,300 | around $65,700 |
| BTC withdrawn from exchanges | No data | 11,400 BTC |
The withdrawal of 11,400 BTC from exchanges into private wallets within a few days demonstrates that major investors were opting to buy rather than sell during the decline.
During this same period, spot Bitcoin ETFs also registered net inflows on the latest trading day. Taken together with on-chain data, this points to a resurgence in institutional and large-scale investor demand.
As of June 14, the total Bitcoin holdings in wallets containing at least 100 BTC began to increase again after a roughly two-week decline. This recovery closely coincided with the return of the Bitcoin price to the $65,700 level.
The latest data collectively suggests a shift in sentiment among large holders, from a focus on sales to renewed interest in accumulation, adding momentum to Bitcoin’s price rebound above $65,000.
