Bitcoin Whales Buy $16.7 Billion As US ETFs See Record June Outflows

Bitcoin whales bought more than 270,000 BTC, worth about $16.7 billion, over the past two weeks, stepping in as US institutions pulled money out at a record pace. Analysts at Bitfinex noted the buying occurred while the spot premium remained negative, indicating the demand was not coming from US spot buyers.

ETF Outflows Hit Record High In June

US spot bitcoin ETFs saw $4.06 billion in outflows in June, their worst month since launch, surpassing the previous record of $3.56 billion set in February 2025. The losses pushed the funds negative for the year before a modest $221 million inflow on Thursday ended a painful outflow streak.

Bitfinex analysts said the divergence between institutional selling and whale accumulation mirrors patterns seen near previous market lows, where long-term holders absorb coins from sellers ahead of a potential recovery.

Solana Outperforms As Layer-2 Tokens Struggle

Solana has risen about 15% since early June despite bitcoin touching 21-month lows, supported by protocol upgrades and a 120% jump in tokenized real world asset transfers, reaching $8.53 billion. Meanwhile, Optimism and other layer-2 tokens are trading near record lows after Coinbase’s Base network dropped Optimism’s shared technology, weakening their value proposition.

The next US inflation reading is expected to shape market direction. May inflation came in hot at 4.2%, though Fed Chair Kevin Warsh’s recent comments suggesting inflation risks have eased already gave a modest lift to risk assets ahead of the Fed’s next meeting.