In June, a 20% bloodbath, ETFs pulled $4.5 billion, but whales are quietly accumulating — a familiar script, a familiar bottom panic.

Bitcoin fell about 20% in June to $57,735, its worst month in recent years, and fell again in early July, now at about $58,628. ETF outflows exceeded $4.5 billion, with spot ETFs seeing continuous redemptions. Trump and the Vice President disclosed holding over $100 million in crypto, sparking political discussion. Analysts say June is still an accumulation period for long-term holders, with whales adding positions and spot demand remaining weak. Some investors see this as a shakeout before the next rally, suggesting it may have bottomed out.