Bitcoin whales buy $700M after seller-exhaustion signal

Large Bitcoin holders bought roughly 11,000 BTC, worth about $700 million, as Glassnode’s Seller Exhaustion Constant registered a second high reading in 2026. The metric hit that level on June 11 and the purchases by major cohorts began the same week.

The Seller Exhaustion Constant multiplies the share of Bitcoin supply currently in profit by 30-day price volatility. The metric was developed with input from ARK Invest and previously peaked at 0.082 on Feb. 12, when Bitcoin traded near $66,248. After that February reading, the price rose to about $82,186 by May 10, an increase of roughly 24 percent. On June 11 the metric reached 0.053, its second-highest reading in six months.

One large-holder cohort, defined as addresses holding between 100,000 and 1 million BTC, increased its balance from about 693,600 BTC to 694,390 BTC beginning June 11. A smaller whale cohort, those holding 1,000 to 10,000 BTC, expanded holdings from roughly 4.24 million BTC to 4.25 million BTC starting June 13. Together the two groups accumulated close to 11,000 BTC, roughly $700 million at prevailing prices.

Price action tracked the on-chain readings. Bitcoin rebounded from a low near $59,100 and crossed $64,694 on June 11, the same day the metric flashed. The coin traded around $65,800 while testing overhead resistance.

Technical levels market participants are watching include the 20-day exponential moving average at about $66,610 and the 0.382 Fibonacci retracement near $68,155. Clearing those levels would expose higher reference points at about $70,953 and $73,750, with the 200-day EMA near $78,668 and $82,805 noted as farther targets.

On-chain and market breadth indicators showed declining buyer-specific volume since June 11 even as price rose, indicating that large holders accounted for most of the buying while broader retail participation remained limited. If volume and wider demand do not increase, price could stall at the 20-day EMA and retest the recently reclaimed $64,694 level. A confirmed daily close above $66,610 would be required to suggest further upside; rejection at that level would likely limit the current rebound.

The June Seller Exhaustion reading followed a pattern similar in structure and timing to the February signal, and the recent whale accumulation occurred at the same time as the June reading. Buying volume trends since June 11 remain weaker than during the prior run-up.