Bitcoin Whales Kept Buying As ETFs Lost $2.7B

Bitcoin (BTC) whales kept buying as spot ETF outflows mounted, and a July 2 inflow suggests institutions may be catching up.

Key Points:

Large Bitcoin orders appeared every day from Jun. 30 through Jul. 5, according to CryptoQuant data.

US spot Bitcoin ETFs added $221.72M on Jul. 2 after 10 straight sessions of outflows.

Glassnode data shows thinner realized supply near $64,373 than around key support bands below market.

Bitcoin Whales

Large holders moved first, according to CryptoQuant data on spot market order size.

The firm’s Spot Average Order Size, which tracks whether large or small trades dominate spot activity, showed whale-sized Bitcoin orders appearing each day from Jun. 30 through Jul. 5.

One tracked order reached about 857 BTC near $63,600 on Jul. 5. With Bitcoin up almost 7% over the past week, the pattern points to large buyers absorbing supply while smaller traders stayed mostly quiet.

The indicator rises when a few large trades outweigh many smaller ones. In this case, the reading suggests deep-pocketed accounts were setting the pace before ETF demand turned positive.

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ETF Flows

Institutions had been moving the other way. SoSoValue data showed US spot Bitcoin ETFs lost about $2.7B over 10 sessions before the funds added $221.72M on Jul. 2.

Fidelity’s FBTC led the rebound with $165.96M in inflows, while ARKB added $91.84M. BlackRock’s IBIT still lost $40.43M, showing the turn was uneven across the largest funds.

The inflow followed weak June payrolls of 57,000 jobs, which cooled expectations for another Federal Reserve rate hike. Still, one positive day did not reverse June’s damage, and year-to-date ETF flows remained negative near $5.4B.

Glassnode’s UTXO Realized Price Distribution shows why traders are watching the next band closely. About 0.72% of Bitcoin supply last moved near $64,373, leaving a thinner layer of potential breakeven selling above market.

The heavier bands sit below price, with about 2.09% of supply near $61,849 and 2.13% near $60,587. That structure does not guarantee a breakout, but it explains why whales and funds may now be reading the same support map.