The Phasing Discrepancy Between ETF Flows and "Whale" Behavior

A key point in the current market structure is the contradiction between ETF capital flows and long-term investors. While spot Bitcoin ETF funds have recorded net withdrawals of over $9 billion in the past four months—a record figure signaling a retreat of traditional capital—on-chain data shows a different scenario from the "whales." #Colecolen
Since early February, selling pressure from long-term investors has decreased sharply by 87%. At the same time, large wallets have quietly absorbed approximately 270,000 BTC. Typically, the combination of exhausted sellers and large buyers accumulating is a precursor to price stability. However, the biggest barrier today is liquidity. Recent price rallies have been mainly driven by short-covering activities rather than genuine new buying interest. This explains why Bitcoin easily hits local peaks and then quickly reverses when reaching the $70,000 mark. For a true breakout, the market needs a synchronized return of ETF capital flows, rather than relying solely on the persistent efforts of long-term investors. (