Bitcoin Whales Buy $16.7 Billion in BTC as ETFs See Outflows

While U.S. spot Bitcoin ETFs saw record outflows, big wallets bought 270,000 BTC instead. Bitfinex says that fits a pattern that often shows up around market bottoms.

Key Takeaways

• Big Bitcoin holders bought more than 270,000 BTC in two weeks, worth about $16.7 billion.
• U.S. spot Bitcoin ETFs saw $4.06 billion in outflows in June, the biggest monthly drop since launch.
• Analysts see the contrast between ETF outflows and whale accumulation as a pattern that often appears near cyclical lows.

Large Bitcoin holders picked up more than 270,000 BTC over the past two weeks, a haul worth about $16.7 billion (€14.7 billion), even as U.S. investors pulled money out of spot Bitcoin ETFs at a sharp pace. The split is adding pressure to the crypto market, especially because a similar setup has often appeared when prices were nearing a bottom.

Record Outflows at ETFs

U.S. spot Bitcoin ETFs saw $4.06 billion (€3.6 billion) leave the funds in June, marking the worst month since these products launched. That was well above the previous record outflow of $3.56 billion (€3.1 billion) set in February 2025. Even with that heavy redemptions streak, the funds still managed a $221 million (€194 million) inflow on Thursday, their first positive day in a while.

Analysts at crypto exchange Bitfinex said whales were buying just as aggressively during the same stretch. They accumulated more than 270,000 BTC over two weeks while the spot premium remained negative. In other words, demand was not being driven mainly by U.S. spot desks, but by large wallets stepping in to absorb supply. That fits the broader picture of softer U.S. institutional demand alongside continued buying from other large players, similar to the recent drop in buying by digital asset treasuries.

Whales Absorb Supply

In past cycles, this kind of disconnect between ETF outflows and accumulation by large holders has often shown up near market lows. Long-term holders tend to scoop up coins from sellers before a recovery becomes obvious in price. Bitfinex described it as a familiar signal, though it stopped short of making a direct price call.

The numbers also show that the market is not moving in lockstep across major assets. Solana is up about 15% since the start of June, even though Bitcoin dropped to a 21-month low over the same period. Support came from protocol upgrades and a 120% surge in onchain transfers of tokenized real-world assets, which climbed to $8.53 billion (€7.5 billion).

What This Means for Europe

For European crypto readers, the key point is that the gap between ETF flows and whale buying says a lot about the current market setup. If U.S. institutional demand is cooling while large wallets keep adding to their positions, it points to a market where liquidity and risk appetite are uneven across different segments. The weakness in some altcoins, alongside Solana's relative strength, also suggests that crypto is reacting selectively to both macro and onchain signals right now.