Is BTC’s pricing power shifting back from ETFs to “old money”?
BTC ETFs have seen consecutive outflows recently, totaling $729 million over two trading days. But BTC didn’t keep crashing—instead, it rebounded from $80,400 to around $82,500.
ETF funds are pulling out, while BTC is holding its ground. There’s something worth thinking about here.
Data shows that mid-sized whales holding 10–10,000 BTC have accumulated 86,702 BTC over the past three weeks, worth about $8.6 billion.
BlackRock is a notable exception. It made net purchases of $1.57 billion over the past month, and IBIT accounts for 62.3% of total U.S. spot Bitcoin ETF holdings.
Meanwhile, Treasury yields are climbing: the 10-year yield has risen to 5.28%, and the 30-year to 5.63%. In a high-interest-rate environment, momentum-chasing investors are naturally more likely to head for the exits.
So ETF outflows don’t mean every institution is selling, and price resilience doesn’t mean a bottom is confirmed.
The two things to watch next are whether whales keep accumulating and when ETF outflows start to ease.
What really matters isn’t just how much money is leaving, but who’s still buying steadily.
BTC ETFs have seen consecutive outflows recently, totaling $729 million over two trading days. But BTC didn’t keep crashing—instead, it rebounded from $80,400 to around $82,500.
ETF funds are pulling out, while BTC is holding its ground. There’s something worth thinking about here.
Data shows that mid-sized whales holding 10–10,000 BTC have accumulated 86,702 BTC over the past three weeks, worth about $8.6 billion.
BlackRock is a notable exception. It made net purchases of $1.57 billion over the past month, and IBIT accounts for 62.3% of total U.S. spot Bitcoin ETF holdings.
Meanwhile, Treasury yields are climbing: the 10-year yield has risen to 5.28%, and the 30-year to 5.63%. In a high-interest-rate environment, momentum-chasing investors are naturally more likely to head for the exits.
So ETF outflows don’t mean every institution is selling, and price resilience doesn’t mean a bottom is confirmed.
The two things to watch next are whether whales keep accumulating and when ETF outflows start to ease.
What really matters isn’t just how much money is leaving, but who’s still buying steadily.