U.S. institutional demand posted its weakest month on record in June, even as large holders absorbed the selling—an imbalance that has often appeared near major market bottoms.
Whales accumulated more than 270,000 bitcoin (BTC), worth about $16.7 billion, over the past two weeks, stepping in while U.S. institutions sold at record levels.
At the same time, U.S. spot bitcoin ETFs recorded $4.06 billion in outflows in June, marking their worst month since launch and surpassing the prior record of $3.56 billion set in February 2025.
Those redemptions pushed ETF flows into negative territory for 2026 for the first time, although the funds still posted a modest $221 million inflow on Thursday.
Bitfinex analysts noted that large wallet holders moved in the opposite direction, accumulating more than 270,000 BTC over a two-week period. This came while the spot premium remained negative, indicating buying pressure was not primarily coming from U.S. spot trading desks.
The divergence between institutional selling and whale accumulation is a pattern that has appeared near past cycle lows, where long-term holders absorb supply before price recovery takes hold.
Among major assets, Solana has stood out as an exception. SOL has gained roughly 15% since early June, even as bitcoin briefly hit 21-month lows, supported by protocol upgrades and a surge in on-chain activity linked to tokenized real-world assets, which jumped 120% to $8.53 billion.
Bitfinex analysts described the split as a “familiar pattern,” noting that altcoins typically fall earlier in downturns but also tend to recover earlier.
However, not all altcoins are following that trajectory. Optimism and other Ethereum layer-2 tokens are trading near record lows after Base, Coinbase’s network, stopped using Optimism’s shared technology, removing a key revenue narrative.
Looking ahead, markets are focused on upcoming inflation data as the next major catalyst. May inflation came in at 4.2%, but comments from Warsh at the ECB’s Sintra forum suggesting easing inflation pressures have already supported risk assets. A softer reading could further shift expectations for Fed policy, which has weighed on bitcoin throughout the month ahead of the next FOMC meeting.
