#Bitcoin Pizza Day  BTC whale activity suggests the bull market is accelerating.

Spot Bitcoin ETF inflows have fallen by more than 90% in four weeks, from $3 billion to $228 million.

While strong ETF inflows typically drive Bitcoin rallies, recent data suggests that price movements can occur independently.

Despite the short-term selling pressure, long-term BTC whale buying suggests that the uptrend could continue.

In the Bitcoin BTCUSD  market, spot BTC exchange-traded fund (ETF) inflows have fallen by more than 90%, from $3 billion in the last week of April to just $228 million this week.

Historically, the slowdown in ETF inflows has affected the BTC price, especially during periods when daily inflows have averaged over $1.5 billion for consecutive weeks. To understand the potential impact on Bitcoin, let’s examine four key periods of spot ETF activity and their correlation with BTC price movements.

In the first quarter of 2024, spot ETFs recorded net inflows of $11.39 billion over seven weeks between February 2 and March 15, leading to a 57 percent price increase. However, BTC prices peaked in the fifth week. The $4.8 billion inflow in the last two weeks failed to push the price higher.

Similarly, in the third quarter of 2024, $16.8 billion inflow in nine weeks between October 18 and December 13 supported a 66 percent rally. However, when inflows slowed in the 10th week, Bitcoin fell 9 percent, reinforcing the link between ETF flows and price corrections.

In the first quarter of 2025, $3.8 billion inflow in two weeks between January 17 and 24 hit a new all-time high of $110,000 on January 20, but the overall price fell by 4.8 percent.

Most recently, Q2 2025 (April 25 – May 9) saw $5.8 billion in inflows and a 22 percent price rally, although Bitcoin had already gained 8 percent in the previous two weeks despite negative net inflows during this period.

This data challenges the view that spot ETF inflows always drive prices higher. While the third quarter of 2024 and the second quarter of 2025 showed strong inflows fueling rallies, prices stalled or fell despite significant inflows in the first quarter of 2024 and the first quarter of 2025. The second quarter 2025 rally was partially independent of spot ETF movements, which could point to other factors such as easing U.S. tariffs, retail investor interest, or Bitcoin whale accumulation.

The current decline in inflows to $228 million points to a historically bearish trend and suggests a potential correction. However, recent whale activity paints a more positive picture, arguing against this view.

ETF inflows and increasing whale buying point to $140,000 in Bitcoin price

Bitcoin faces selling pressure, but whales may continue the trend

Bitcoin is showing short-term selling pressure as the Buy/Sell Pressure Delta has turned negative. The chart shows whales starting to sell BTC in the $105,000–$100,000 range. This level is risky. This downward shift, along with the negative cumulative volume delta, points to selling pressure in the short term.

However, long-term buying pressure remains strong, suggesting that this decline is a reversal rather than a correction. The data highlights that whales are taking relatively less profit in the current period compared to previous price peaks.

“Compared to previous rallies, whales appear to have taken significantly less profit during this recent rally. This could indicate that the uptrend may continue. This chart should be monitored closely.”

Bitcoin is blinking at new heights with its realized value of $900 billion.