TechFlow reports, July 3, according to CoinDesk, against the backdrop of continuous outflows of institutional funds in the US, Bitcoin whales have accumulated over 270,000 BTC (approximately $16.7 billion) in the past two weeks, forming a clear divergence from the record outflows of US spot Bitcoin ETFs. Analysis points out that this phase-specific divergence exhibits historical cycle characteristics: while institutional funds withdraw, long-term holders and whale accounts continue to accumulate, similar to the capital redistribution structure commonly seen in previous cycle bottom regions.
On-chain data shows that although the spot premium remains negative, indicating that market buying pressure is not strong, large wallets continue to accumulate Bitcoin, and the market is currently in a structural phase of "institutional deleveraging and long-term capital accumulation."
