Bitcoin whales buy record 270,000 BTC while ETFs bleed out

While retail investors sold in panic, large bitcoin holders seized the opportunity. In the two weeks leading up to early July 2026, so-called ‘whale’ addresses accumulated more than 270,000 BTC (roughly 16.7 billion dollars, roughly €14.6 billion), with buying concentrated around the 59,000 dollars (roughly €51,600) level. Analysts describe it as the largest single accumulation spike ever recorded on-chain — bigger than the COVID-crash bottom and bigger than the low following the FTX collapse.

In short 🐋 Whales bought >270,000 BTC in two weeks, concentrated near 59,000 dollars (roughly €51,600) 📉 U.S. spot bitcoin ETFs lost 4.06 billion dollars (roughly €3.55 billion) in June — the deepest monthly outflow on record 📊 Bitcoin fell more than 20% in June, then climbed back above 63,000 dollars (roughly €55,100) in early July 💼 A weak U.S. jobs report (57,000 vs. an expected 115,000) added fuel to the rebound 🏦 Fed Chair Kevin Warsh said inflation risks are easing — markets are pricing in a higher chance of rate cuts 🎯 Analysts see a possible recovery toward 65,000 to 82,000 dollars (roughly €56,800 to €71,700), depending on the July 28 Fed decision

Institutions sell, whales buy

June 2026 was the toughest month on record for bitcoin ETFs since their January 2024 launch: a combined 4.06 billion dollars (roughly €3.55 billion) flowed out, with BlackRock's IBIT the single biggest contributor. Bitcoin itself recorded its worst month since the ETF launch, falling more than 20%.

Remarkably, the opposite happened on-chain. Data shows large, long-term holders bought more than 270,000 BTC in the same period — worth roughly 16.7 billion dollars (roughly €14.6 billion). Crypto analyst Scott Melker called it ‘the largest single accumulation spike ever recorded on-chain, bigger than the COVID bottom, bigger than the FTX bottom.’

What's behind the rebound

Bitcoin got an unexpected boost in early July: the July 3 U.S. jobs report came in well below expectations, with only 57,000 new jobs versus a forecast 115,000. Weaker labor data fueled hopes of rate cuts, pushing bitcoin above 61,800 dollars (roughly €54,000). Shortly before that, Fed Chair Kevin Warsh had already signaled that inflation risks were easing, further reinforcing market expectations of near-term rate cuts.

Together, these factors helped bitcoin recover above 63,000 dollars (roughly €55,100), reversing part of the late-June slide.

What the divergence could mean

When institutions sell while long-term holders buy, it's a pattern that has historically appeared near cyclical lows, as large holders absorb coins from sellers before any recovery becomes visible in price. That's no guarantee of an upward move, but it does suggest confidence among investors with a longer time horizon.

For the coming weeks, analysts are watching a range of 65,000 to 82,000 dollars (roughly €56,800 to €71,700), with ETF flows and the Fed's July 28 rate decision seen as the key catalysts.

Conclusion

The diverging paths of institutional ETF flows and on-chain whale behavior show just how split the market currently is on bitcoin's near-term direction. For investors tracking this story, ETF flows in the run-up to the July 28 Fed decision are likely to be the key signal to watch for the market's next phase.

Sources: Scott Melker, Federal Reserve. Last checked: 8 July 2026.