U.S. institutional demand had its worst month ever in June. Large holders absorbed the selling, marking a divergence that has shown up near past cycle bottoms. U.S. spot bitcoin ETFs saw a record $4.06 billion in outflows in June, pushing them negative for 2026 before a modest $221 million inflow on Thursday. Large bitcoin holders, or whales, accumulated more than 270,000 BTC ($16.7 billion) over the past two weeks even as U.S. spot demand remained weak, a pattern often seen near market cycle l…
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