Bitcoin rebounded above $60k, but market sentiment did not recover in tandem—ETF funds saw net outflows for 10 consecutive days, while whales were quietly accumulating. What does this divergence mean?

On July 2, spot BTC ETFs recorded a net inflow of $221 million, ending the previous 10 consecutive days of net outflows. However, the inflow was far from sufficient to offset the earlier retreat: net outflows from ETFs in June reached $4.5 billion, setting a historical record. Meanwhile, on-chain data shows that listed companies have net purchased 166,984 BTC this year, more than twice the mining output over the same period. A certain whale withdrew 19,752 ETH and 100 WBTC from exchanges in the past three days, with a total value exceeding $37 million.
On one hand, institutional funds are exiting through ETFs; on the other, companies and whales are hoarding on-chain. The core of this structural divergence lies in: who is buying and who is selling? The ETF outflows more reflect macro liquidity pressures—AI capital absorption, Fed policy uncertainty, traditional market volatility—all of which led to passive capital temporarily stepping aside. Meanwhile, the buying by whales and listed companies represents a firm belief in Bitcoin's long-term value, as well as an active strategy of building positions at low points.
But divergence itself also means the market has not yet reached a consensus. Exchange deposits surged to 49,000 BTC, signaling that volatility may intensify. If ETF funds continue to flow out, and the buying power of whales is insufficient to offset it, the sustainability of the rebound will face challenges. Conversely, if the macro environment improves and ETF funds return to combine with whale accumulation, it could kick off a new round of upward movement.
The current market is like a tug-of-war. Both sides are increasing their efforts, but the rope hasn't snapped yet.
$btc #eth #wbtc #etf # on-chain data