Bitcoin ETF outflows have intensified significantly, reaching $8.95 billion since May 7 with $296 million in net outflows over the past 24 hours, according to Glassnode data. The latest redemptions were led by BlackRock, with Grayscale, Fidelity, and ARK Invest also posting losses. Since the decisive shift on May 7, funds have recorded only five positive sessions among 34 negative trading days. June alone accounted for $4.5 billion in outflows, marking the worst monthly performance since Bitcoin ETFs launched in January 2024. Despite Bitcoin trading near $61,540 with a 2.01% daily gain, the price has hovered just above $60,000 since mid-June, suggesting the bounce rests on fragile ground.
Bitcoin's long-term holders have shifted to net accumulation from net distribution, marking a significant turnaround in market sentiment according to Glassnode data. Long-term holders, defined as wallets that have held coins for at least 155 days, have returned to positive territory after an extended period of distribution. The current accumulation is running in the range of 50,000 to 100,000 BTC on a net basis, though this remains modest compared to the 400,000 BTC net accumulation seen during price upswings in November 2024 and May 2025. As Glassnode notes, historically sustained transitions from net distribution to net accumulation have often emerged during periods of market weakness, as long-term investors gradually increase their holdings while shorter-term participants de-risk.
Bitcoin whale accumulation has remained resilient even as prices continue consolidating near the $58,000–$60,000 range, with large position holders buying rather than selling during recent declines. According to AMBCrypto, the total amount of BTC held by whales remains near an all-time high, while their 30-day accumulation rate remains positive with some moderation from past buying levels. Glassnode data confirms that whale net positions have remained stable within the accumulation zone since renewed buying resumed in late 2024. This trend implies that whales find the current price level attractive enough to buy regardless of other market conditions, with an increasing percentage of total supply being held by long-term investors potentially reducing downward pressure from selling.
Glassnode data reveals that roughly 10.83 million BTC now sit at a loss, against 9.22 million in profit, marking one of the sharpest declines in profitability during the current cycle. This shift in supply composition historically coincides with financial stress and widespread capitulation among newer participants, according to Glassnode. The firm cautioned that while the data suggests Bitcoin is transitioning from a distribution phase toward accumulation, confirmation is still needed. "The data suggests Bitcoin is transitioning from a distribution phase toward one of accumulation, but confirmation is still needed. While the foundations for a longer-term recovery are gradually taking shape, the market may first need to endure one final test of conviction before a sustainable uptrend can emerge," Glassnode stated.
Despite Bitcoin's recent price bounce, CryptoQuant's latest CME Bitcoin futures data suggests a potential market reset is underway. The net long exposure of asset managers has decreased to $800 million, the lowest since the introduction of U.S. spot Bitcoin ETFs, while they still maintain a nearly 2:1 long-to-short ratio, indicating a decrease in conviction rather than a bearish shift. Leveraged funds have cut their net short positions by 67.5% as shrinking futures premiums made basis trades less profitable, while open interest has decreased by 63.5%, significantly greater than Bitcoin's price decline. This positioning vacuum, where both bullish and hedging positions are abnormally light, mirrors conditions seen in November 2022 before Bitcoin's 30% rally, though the current market environment differs due to the presence of spot ETFs.
