CoinDesk
Bitcoin's rally is drawing capital from across the buyer stack, with US-listed spot BTC ETFs pulling in more than $700 million over five consecutive trading sessions, the longest streak of net inflows since May, according to SoSoValue data. The buying is not isolated to vehicles: onchain data shows long-term holders, addresses that have held BTC for at least six months, have been steadily accumulating, while CryptoQuant's Alex Kuptsikevich noted that large whales have been building positions over the past two months even as medium-sized wallets have distributed. Options desks have picked up the same signal, with a large bull call spread recently placed targeting $72,000 by month-end.
Why it matters
The composition of buyers matters more than any single number. Tagus Capital flagged that the renewed institutional interest stands in sharp contrast to the $7.5 billion in redemptions seen between mid-May and June, suggesting the selling pressure that defined early summer has flipped. Glassnode added that the market now looks more balanced than it did a month ago, with long-term conviction providing support while speculative participation stays contained.
Market impact
BTC has reclaimed its 50-day simple moving average, and a sustained hold there opens a path toward the 100-day average at $70,173 and then the 200-day average just above $72,800, a level that would confirm the October bear market is over and a new bull leg has begun. Risks remain: Mott Capital's Michael Kramer warned that heavy Treasury bill issuance, $56 billion net new today, $37 billion Thursday, $13 billion Friday, will drain liquidity from risk assets through Labor Day. CEX volumes also returned in June, with spot climbing 15.3% to $1.11 trillion and RWA perpetual volumes hitting a record $311 billion, the first monthly rise after four declines.
Frequently asked questions
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How much have spot Bitcoin ETFs pulled in recently?
US-listed spot BTC ETFs attracted over $700 million across five consecutive trading sessions through July 21, 2026, the longest streak of net inflows since May, according to SoSoValue data.
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What are large Bitcoin whales doing right now?
CryptoQuant's Alex Kuptsikevich said large whales have been building positions over the past two months, while medium-sized wallets have been distributing, a divergence he called a constructive medium-term signal for BTC.
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What is the options market signaling about Bitcoin?
A large bull call spread was recently purchased targeting $72,000 by month-end, indicating that sophisticated derivatives traders are positioning for further upside in BTC.
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What are the key technical levels for BTC right now?
BTC has reclaimed its 50-day simple moving average. Above it sits the 100-day SMA at $70,173 and then the 200-day SMA just above $72,800. A decisive break above the 200-day would confirm the October bear market is over.
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What is the main near-term risk to the Bitcoin rally?
Mott Capital's Michael Kramer flagged heavy US Treasury bill issuance, $56 billion net new on Monday, $37 billion Thursday, $13 billion Friday, and continued supply through Labor Day, as a liquidity headwind for risk assets including BTC.
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