Bitcoin ETF, Funds Return... Whales 'Accumulate' Daily While Wall Street Sells

▲ Bitcoin (BTC)

While Wall Street withdrew $2.7 billion from Bitcoin (BTC) spot ETFs, whales accumulated large orders daily. With institutional funds returning in just 10 trading days, a thin resistance level around $64,373 has emerged as the next crucial point.

According to crypto media outlet BeInCrypto on July 6 (local time), Bitcoin spot ETFs recorded a net inflow of $221.72 million on July 2. This marks the first net inflow, ending 10 consecutive trading days of outflows. Approximately $2.7 billion had flowed out until then, but on-chain data had already detected movements from large holders since late June.

CryptoQuant's spot average order size indicator showed large whale orders appearing daily since June 30. On July 5, an order of approximately 857 BTC was also detected around $63,600. BeInCrypto interpreted these whale orders as a concentrated buying trend, citing the approximately 7% rise in Bitcoin's price over the past week.

Institutional funds also belatedly changed direction. Fidelity's FBTC saw an inflow of $165.96 million, and ARKB also recorded a net inflow of $91.84 million. In contrast, BlackRock's IBIT experienced an outflow of $40.43 million. June marked the worst monthly performance ever for Bitcoin spot ETFs, and the cumulative year-to-date fund flow remains at a net outflow of approximately $5.4 billion.

In Glassnode's UTXO (Unspent Transaction Output) realized price distribution, resistance levels above the current price appeared relatively thin. The Bitcoin supply last moved around $64,373 accounted for only about 0.72% of the total. In contrast, approximately 2.09% of the supply is concentrated around $61,849, and about 2.13% around $60,587.

BeInCrypto noted the trend where whales absorbed institutional selling pressure, followed by Bitcoin spot ETFs turning to net inflows. The selling pressure above $64,373 is relatively thin, while lower price levels contain more Bitcoin that has been bought. Whether the fund flows of whales and institutions align again is a key observation point for the short-term Bitcoin market.

[Article Summary]

-After outflows of approximately $2.7 billion, Bitcoin spot ETFs recorded a net inflow of $221.72 million on July 2, ending 10 consecutive days of outflows.

-Large whale orders have been detected daily since June 30, with an order of approximately 857 BTC appearing on July 5.

-The proportion of Bitcoin supply around $64,373 was only 0.72%, indicating relatively thin resistance above the current price.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*