Key facts
- Large bitcoin holders accumulated over 270,000 BTC in the past two weeks.
- The value of accumulated bitcoin by whales was $16.7 billion.
- U.S. spot bitcoin ETFs experienced record outflows of $4.06 billion in June.
- Bitcoin ETFs attracted $221.7 million on Thursday, ending a 10-day outflow streak.
- Fidelity's FBTC led inflows with $166 million on Thursday.
- BlackRock's IBIT saw an outflow on Thursday.
- Bitcoin exchange inflows surged to 49,000 BTC on June 30.
- Large Bitcoin exchange inflows historically precede increased volatility.
- Solana gained 15% in value.
- Some Ethereum Layer 2 tokens hit record lows.
In the past two weeks, significant accumulation of Bitcoin has been observed among large holders, often referred to as whales. These entities acquired over 270,000 BTC, a sum valued at approximately $16.7 billion. This accumulation took place against a backdrop of substantial outflows from U.S. spot Bitcoin Exchange Traded Funds (ETFs). In June alone, these ETFs experienced record outflows totaling $4.06 billion.
However, the trend of outflows from Bitcoin ETFs showed signs of a potential reversal. On Thursday, U.S. spot Bitcoin ETFs attracted $221.7 million, breaking a consecutive 10-day streak of outflows. Fidelity's FBTC was a notable performer, leading inflows with $166 million. In contrast, BlackRock's IBIT experienced an outflow on the same day. This shift in ETF flows may be influenced by recent economic data, including a weak jobs report, which has eased expectations for further Federal Reserve interest rate hikes.
Further complicating the market picture, Bitcoin exchange inflows surged dramatically on June 30, reaching 49,000 BTC, according to data from CryptoQuant. Historically, such substantial inflows into exchanges have been an indicator of increased selling pressure and have preceded periods of heightened volatility and potential downside risk for Bitcoin's price.
Amidst these developments, the cryptocurrency market has seen varied performance in other assets. Solana demonstrated resilience, posting a gain of 15%. Conversely, some Ethereum Layer 2 tokens have reached record low prices.