Whales Buy $700M of Bitcoin After Seller Exhaustion Signal

On June 11 Glassnode’s Seller Exhaustion Constant reached 0.053, its highest reading since a peak of 0.082 on Feb. 12. The metric multiplies the share of Bitcoin supply in profit by 30-day price volatility to identify periods with lower downside risk. The February peak coincided with a climb in Bitcoin from roughly $66,248 to about $82,186 by May 10, a rise near 24 percent.

On-chain analytics show two large holder cohorts increased positions after the June 11 reading. Addresses holding between 100,000 and 1 million BTC raised their holdings from about 693,600 BTC to roughly 694,390 starting June 11. A cohort holding between 1,000 and 10,000 BTC grew from about 4.24 million BTC to roughly 4.25 million BTC beginning June 13. Combined, those groups added close to 11,000 BTC, worth around $700 million at current prices.

Price action moved in step with the on-chain activity. Bitcoin rebounded from a low near $59,100 and crossed $64,694 on June 11, the same day the exhaustion metric registered a high reading. BTC traded near $65,800 as the whale buying was recorded.

Traders are watching several technical levels. The 20-day exponential moving average sits at $66,610. A 0.382 Fibonacci retracement level is around $68,155. Additional reference points include $70,953, $73,750, the 200-day EMA at about $78,668 and a prior peak near $82,805.

Trading volume data show buyer-specific volume has declined since June 11 even as the price rose. Market participants view a daily close above the 20-day EMA as confirmation of upward momentum, while failure to clear that level would keep the recent rebound limited.

Glassnode developed the Seller Exhaustion Constant in collaboration with ARK Invest. The whale-holding figures are drawn from on-chain address analytics used to measure large-address behavior.