Bitcoin Whales Absorb $16.7B in Weakness as US ETF Outflows Hit Record

Large Bitcoin holders have been buying up the cryptocurrency over the past two weeks, adding around $16.7 billion in exposure to their portfolios. This comes despite a decline in institutional demand through U.S.-listed funds, which saw their worst monthly outflows since launch.

The spot bitcoin ETFs shed $4.06 billion in June, surpassing the previous monthly record of $3.56 billion set in February 2025. However, this trend may not necessarily be a bad sign for the market, as large-wallet accumulation often occurs near cycle lows.

Analysts at crypto exchange Bitfinex noted that large wallets added over 270,000 BTC during the two-week period, with the spot premium remaining negative. This suggests that U.S. spot desks were not the primary source of demand, and instead, large holders were accumulating away from institutional channels.

The current setup leaves Bitcoin in a precarious position, caught between opposing forces: ETFs showing regulated capital pulling back after a difficult month, while large holders are absorbing supply at scale. The next inflation data will be crucial in determining whether this accumulation becomes the base for a recovery or another pause inside a weaker macro trend.