270k btc was accumulated by whales around the $59k level, marking the biggest on-chain accumulation event ever recorded. that’s larger than the covid low (150k btc) and even the ftx bottom (180k btc). while spot etfs saw roughly $4.5b in outflows during june, that money largely rotated into semiconductor stocks instead of moving to cash. the sellers are institutions dealing with quarterly redemptions and risk committees influenced by citi’s $82k price target. the buyers, meanwhile, aren’t constrained by reporting obligations or redemption cycles. lth sopr sitting at 0.615 was last seen in july 2023 when bitcoin traded between $25k and $31k, just before the move to $73k. forced selling eventually runs out. record-sized buyers don’t have the same limits.