This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile. Always do your own research before making any investment decisions.
Bitcoin trades near $62,000, reaching an intraday peak of $62,170 while gaining modestly over the last 24 hours. The cryptocurrency is set for its best weekly run since April, gaining over 4%. But even as ETFs suffered record outflows of $4 billion, bitcoin whales snapped up $16.7 billion worth of bitcoin in just two weeks.
According to Laevitas, among big flows has been a long call condor on BTC,” noted CoinDesk.
Bitcoin Whale Activity in Recent Weeks
Data from CoinDesk shows hefty bitcoin holders, or whales, have busily accumulated more than 270,000 BTC — a haul valued at about $16.7 billion in two weeks. This buying spree occurred even as U.S. spot Bitcoin ETFs saw a historic $4.06 billion exit in June.
Record ETF Outflows Contrast Whale Accumulation
These ETF outflows marked the worst monthly performance since their launch, pushing total ETF flows deeply negative for 2026. Outflows have now outweighed inflows for the year. Despite a minor $221 million inflow on a Thursday in early July, institutional selling in June dominated due to widespread macroeconomic uncertainty.
Whale Accumulation Signals Market Bottom Patterns
On-chain data reveals around 10.83 million BTC are held at a loss because holders paid more than today’s price, while 9.22 million BTC remain profitable. According to CoinDesk, this historically signals the market is near cycle lows, as distressed sellers offload supply to big holders. The 270,000 BTC whales bought recently fits this trend, showing confidence they’re near Bitcoin’s valuation floor amid today’s volatility.
While Bitcoin’s ETFs faced outflows and its price moved sideways, Solana surged about 15% since early June. According to Blockonomi’s coverage, this outperformance came alongside tokenized real-world assets on Solana rising 120% to $8.53 billion.
Meanwhile, Bitcoinseats confirms Ethereum-related investment products held steady inflows despite broad market swings. This indicates that investors are reallocating funds from Bitcoin ETFs into Ethereum exposure or other altcoins instead of exiting crypto altogether. Ethereum’s price mirrored this, climbing steadily to gain 11.5% since late June lows.
On July 1, Bitcoin’s put-call skew stood around 16%, measuring demand for protective puts versus calls. This marked a drop from the 25% peak just ten days earlier. Options across strike prices for July expiry indicate bets that Bitcoin will trade within a range by mid-month — a sign of careful optimism among options traders.
Implications for Bitcoin’s Price Outlook
The combination of substantial whale buying and record ETF outflows reveals a complex market landscape. The $16.7 billion whale purchases help support a price floor around current levels by absorbing supply from ETFs and preventing sharp drops. Still, nearly $4 billion in ETF outflows highlight ongoing caution and profit-taking.
