Large bitcoin holders accumulated more than 270,000 BTC over the past two weeks, worth about $16.7 billion at the price cited in the report. The buying came while U.S. institutions were pulling capital from spot bitcoin ETFs at a record rate, creating a clear divergence between whale activity and fund flows.
June became the worst month on record for US spot bitcoin ETFs
U.S. spot bitcoin exchange-traded funds recorded $4.06 billion in outflows during June, the weakest month since these products launched. That surpassed the previous record of $3.56 billion, which had been set in February 2025. The pullback was large enough to push the group into net negative territory for 2026 as a whole for the first time.
The report noted that the funds finally posted a $221 million inflow on Thursday. That was the first sign of relief after a month defined by sustained selling pressure from institutional investors.
Bitfinex says the buying was not coming from US spot desks
In a Friday note shared with CoinDesk, Bitfinex analysts said large wallets moved in the opposite direction from institutions. While whales were adding aggressively, the spot premium stayed negative, a sign used to track how strongly U.S. buyers are bidding. In their reading, that means the latest accumulation was not being driven by U.S. spot trading desks.
Bitfinex described the setup as one seen near past cycle lows: institutions sell, long-term holders absorb the coins, and price recovery tends to come later. The shift shows up first in positioning, not always in the market price.
Solana stands out while some layer-2 tokens stay under pressure
Among major tokens, Solana was the notable outlier. SOL has gained about 15% since early June even as bitcoin fell to a 21-month low. The article linked that move to protocol upgrades and a rise in onchain transfers of tokenized real-world assets, which increased 120% to $8.53 billion.
Bitfinex called the split a familiar pattern, with altcoins often selling off before bitcoin and recovering earlier as well. Still, that has not applied across the board. Optimism and other Ethereum layer-2 tokens remain near record lows after Base, Coinbase’s network, dropped Optimism’s shared technology. That decision removed part of the fee-capture case that had supported valuations.
Next inflation reading is the key macro event
The report said the next inflation print is now the main pivot for markets. May inflation came in at 4.2%, hotter than expected. At the same time, comments from Warsh at the ECB’s Sintra forum that inflation risks had already eased gave risk assets a modest lift. Traders are now watching whether softer inflation data could change the rate-path narrative before the Fed’s next meeting.