Whales reverse 12-day drop as 11,400+ BTC leave exchanges

CryptoQuant shared an analysis on June 15 covering activity from June 1 to June 14 showing that wallets holding at least 100 BTC turned higher on June 14 after a 12-day decline. More than 11,400 BTC moved off exchanges during June 5–10, and bitcoin traded back above $67,000 following the shift in on-chain measures.

The report described three phases during the correction and recovery. First, older coins moved onto exchanges as prices fell from about $71,300 to roughly $63,800. Second, large holders absorbed selling pressure near the $61,400 area. Third, total whale supply increased as withdrawals outpaced deposits, with the net change turning positive on June 14.

Between June 5 and June 10, over 11,400 BTC, worth about $700 million at the time, left exchange balances and moved to cold wallets. Netflow readings across several sessions were negative, indicating withdrawals exceeded deposits. The Exchange Whale Ratio, which measures the share of exchange inflows attributed to large holders, rose to 62.3% near the $61,400 area.

Dormant-coin activity eased after the early-June drawdown. Inflow Coin Days Destroyed, a metric that tracks movement of previously inactive coins to exchanges, fell from 2.16 million to roughly 33,000, signaling fewer older coins being moved onto markets. From June 11 to June 14, selling pressure declined, continued withdrawals reduced exchange reserves, and wallets holding at least 100 BTC increased their balances.

The analysis linked the change in whale supply to price action, noting a rebound to $65,704.89 following the June 14 reversal and subsequent trading above $67,000. The report summed up the supply reversal with a brief description: “The Whale U-Turn: On June 14, the 12-day decline in total Whale Supply officially reversed (U-Turned) to the upside.”