Bitcoin ETFs are selling, Saylor is buying — who is right?

10 June 2026 · Reading time: 5 minutes · By the editorial team of CryptoCode.nl

Anyone watching the bitcoin price these weeks mostly sees... little. Since late May the coin has been moving sideways around €55,500, in a range between roughly €53,500 and €59,500. But beneath that calm surface something notable is happening: the two largest groups of institutional buyers are moving in opposite directions. US spot ETFs saw a net outflow of about €2.0 billion in May — the largest monthly outflow of 2026 so far — while Strategy, Michael Saylor's company, bought more than €89 million worth again.

Two professional parties, two opposite conclusions. What is going on here?

The outflow: institutions are reducing risk

Since their launch, the US spot ETFs have been the main engine behind the inflow of new capital into bitcoin. That engine is now sputtering. The net outflow of around €2.0 billion in May shows that part of the institutional investor base — pension funds, asset managers, hedge funds — is reducing positions.

There are explanations for this that have little to do with bitcoin itself. The upcoming Federal Reserve rate decision is causing caution across all risky investments. Higher energy prices weigh on sentiment. And capital has alternatives: analysts note that large IPOs — such as the expected listing of SpaceX — and the ongoing AI boom are currently pulling risk capital out of crypto.

It is important to realize: an ETF outflow does not mean that 'the market' is leaving bitcoin. It means that one specific group of investors, holding bitcoin via the stock exchange, is selling on balance. That is a snapshot of sentiment, not a judgment on the technology.

The counter-move: Strategy keeps buying unperturbed

On the other side of the market is Strategy (formerly MicroStrategy). Michael Saylor's company recently bought another 1,550 BTC for around €89 million and now owns 845,256 bitcoin — by far the largest corporate holding in the world.

Saylor's strategy has been the same for years: every dip is a buying opportunity, the horizon is decades, and short-term sentiment is noise. Whether that conviction proves right, no one knows — but the contrast with the ETF sellers reveals something that stays hidden in bull markets: 'institutional money' is not a single entity. A pension fund managing its quarterly risk makes different decisions than a company putting bitcoin on its balance sheet as a long-term reserve.

What does this mean for Dutch crypto holders?

First the honest answer: no one knows which way the price will go, and be skeptical of anyone who claims to know for sure — especially with the many 'AI price predictions' now circulating. What you can take from this situation:

Sideways markets are normal. Historically, every major move is followed by a period of consolidation in which the market searches for a new equilibrium. The current range (€53,500–€59,500) is one such search. Only when the price breaks out of it convincingly — up or down — does a new trend emerge.

Outflows are context, not a signal. ETF flows are public data and are often used to stoke fear or euphoria. Treat them like a weather report: useful information, not a reason to overhaul your entire plan.

Division is part of it. That large parties trade in opposite directions is not a sign the market is 'broken' — it is exactly how a market works. For every seller there is a buyer.

Outlook

In the coming weeks, two items are on the agenda that could give direction: the Federal Reserve's rate decision and — closer to home — the European Parliament's vote on the digital euro, expected later this month. Until then, boredom is probably the most realistic scenario. And boredom, after the turmoil of recent years, might not be such a bad thing.

Sources: market data and ETF flow figures via BeInCrypto and Crypto Koers Euro (June 2026); Strategy purchase via Bitcoin Magazine NL; market context via CryptoBenelux. Reference date: 10 June 2026.

Note: investing in cryptocurrencies carries significant risks. You can lose your stake. This article is not financial advice; always do your own research.