Bitcoin Whales Accumulate $16.7B Amid Record ETF Outflows

Large Bitcoin holders accumulated over $16.7 billion worth of BTC in two weeks, coinciding with record outflows from US spot Bitcoin ETFs, which shed $4.06 billion in June.

The divergence between whale accumulation and institutional selling is a pattern that has appeared near prior cycle lows, where long-term holders take coins from sellers before any recovery reaches price levels.

Bitfinex analysts identified the buying as coming from global over-the-counter and direct wallet buyers, likely high-net-worth individuals, crypto-native funds, and non-US institutional allocators, who are absorbing supply that US ETF redemptions put into the market.