Key facts
- U.S. spot bitcoin ETFs experienced record outflows totaling $4.06 billion in June.
- Large bitcoin holders, or whales, purchased over 270,000 BTC, valued at $16.7 billion, in the last two weeks.
- The outflows from U.S. spot bitcoin ETFs have resulted in them being negative for the year 2026.
- Solana has seen a price increase of about 15% since early June.
- Certain Ethereum Layer 2 tokens have fallen to record low prices.
Large bitcoin holders, often referred to as whales, have been accumulating significant amounts of the cryptocurrency, purchasing over 270,000 BTC, valued at $16.7 billion, in the past two weeks. This accumulation occurred even as U.S. spot bitcoin exchange-traded funds (ETFs) experienced record outflows, shedding $4.06 billion in June, marking their worst month since their inception and pushing them into negative territory for 2026 for the first time. Despite these outflows, a modest inflow of $221 million was recorded on Thursday.
This pattern of institutions selling while large holders accumulate is often observed near market cycle lows, suggesting long-term holders are acquiring coins from sellers before a potential price recovery. The buying activity was not driven by spot desks, as indicated by a negative spot premium, a gauge of U.S. buyer demand.
Among major cryptocurrencies, Solana has emerged as an exception, gaining approximately 15% since early June, supported by protocol upgrades and a substantial 120% increase in on-chain transfers of tokenized real-world assets, reaching $8.53 billion. Analysts described this divergence as a familiar pattern where altcoins tend to sell off and recover first.
However, not all altcoins have followed this trend. Optimism and other Ethereum Layer 2 tokens are trading near record lows. This decline is partly attributed to Base, Coinbase's network, dropping Optimism's shared technology, which undermined the fee-capture argument that previously supported their valuations.
The market's direction is now closely tied to upcoming inflation data. Following a higher-than-expected 4.2% inflation print in May, the next reading is considered critical for the Federal Reserve's decisions on interest rates. Easing inflation could shift the narrative that has pressured bitcoin throughout the month.