Bitcoin has moved back above the $65,000 level, signalling that a selling phase by large holders has effectively ended.

U.Today, a blockchain media outlet, reported on Sunday local time that CryptoQuant data showed bitcoin whales had ended months of selling and resumed accumulation.

A key indicator was selling pressure. Bitcoin inflow Coin Days Destroyed (CDD) plunged to 33,000 from 2.16 million. That suggests the flow of long-held coins moving to exchanges to be sold has weakened sharply. CryptoQuant tallies showed the large-scale selling phase had ended and accumulation had started again.

The selling was strongest in early June. Bitcoin fell to about $63,800 from around $71,300, and inflows of long-held coins to exchanges also rose. But sentiment shifted after prices hit a low near $61,400 a few days later. Large holders began actively buying in the lower-price range, and the outlet said the area increased the possibility of a "potential supply shock".

Changes in exchange balances also pointed in the same direction. Over a few days, more than 11,400 BTC left exchanges and moved to private wallets. That is worth about $700 million. The move supports the view that large holders bought during the decline rather than preparing to sell during the rebound.

Institutional flows also showed signs of a partial recovery. Spot bitcoin ETFs posted net inflows on the latest trading day. The outlet said, "The ETF finally achieved net inflows." With spot market selling pressure easing, ETF inflows are being read as a sign that supply and demand conditions are improving.

Whale wallet holdings also began to rise again. As of June 14, the total bitcoin supply held by wallets with 100 BTC or more turned higher after falling for nearly two weeks. That timing coincided with bitcoin recovering to about $65,700. The outlet said this "suggests whales are preparing for a major price breakout".

Markets are watching whether exchange balance declines will continue and whether ETF net inflows will prove one-off. If large holders continue shifting to accumulation, the recent rebound could extend beyond a short-term technical recovery and lead to a supply-and-demand-driven rise. If exchange inflows increase again, the durability of this rebound could be tested again.