Bitcoin Whales Accumulate $16.7B as ETFs See Record $4B Outflows

U.S. institutional demand recorded its weakest month on record in June, while large holders absorbed the selling pressure—an unusual divergence that has historically appeared near major market bottoms.

Whales accumulated over 270,000 bitcoin (BTC), worth about $16.7 billion, in the past two weeks, stepping in as U.S. institutions exited positions at record levels.

Meanwhile, U.S. spot bitcoin ETFs posted $4.06 billion in outflows in June, marking their worst monthly performance since launch and surpassing the previous record outflow of $3.56 billion set in February 2025.

These redemptions pushed ETF flows into negative territory for 2026 as a whole for the first time, although the funds did record a modest $221 million inflow on Thursday.

According to analysts at Bitfinex, large wallet holders moved in the opposite direction, accumulating more than 270,000 BTC over a two-week span. This came as the spot premium remained negative, indicating that buying pressure was not primarily driven by U.S. spot trading desks.

The simultaneous selling from institutions and accumulation by whales reflects a pattern often seen near cycle lows, where long-term holders absorb supply from weaker sellers before price recovery begins.

Among major cryptocurrencies, Solana stands out as an exception. SOL has gained around 15% since early June, even as bitcoin briefly fell to 21-month lows, supported by network upgrades and a sharp rise in on-chain activity tied to tokenized real-world assets, which surged 120% to $8.53 billion.

Bitfinex analysts described the divergence as a “familiar pattern,” noting that altcoins typically decline earlier in downturns but also tend to recover sooner.

However, not all altcoins follow this trend. Optimism and other Ethereum layer-2 tokens are trading near record lows after Base, Coinbase’s network, discontinued use of Optimism’s shared technology, removing a key revenue narrative that previously supported valuations.

Looking ahead, markets are focused on the next inflation report as a potential catalyst. Inflation for May came in at 4.2%, but recent comments from Warsh at the ECB’s Sintra forum suggesting easing inflation risks have already provided some support to risk assets. A softer reading could further shift expectations around the Fed’s policy path, which has been weighing on bitcoin throughout the month ahead of the next FOMC meeting.