Bitcoin Spot ETFs have absorbed greater than $12b in inflows since mid-April, but its value stays stagnant.
On June 18, US spot Bitcoin ETFs pulled in $389m, in line with SoSoValue knowledge. BlackRock’s IBIT and Constancy’s FBTC led the influx surge, however the market has refused to rally in tandem.
Analysts at 10X Analysis counsel that surface-level bullish indicators are masking underlying promoting strain. Inflows into ETFs might look sturdy, however they’re doubtless being offset by quiet distribution from massive holders, miners, and over-the-counter desks.
“There’s a persistent bias towards highlighting optimistic developments—particularly inflows and shopping for—whereas largely ignoring the equally vital promoting strain,” the agency wrote in a report launched Thursday.
Why Bitcoin Isn’t Rallying—Even After $12 Billion in Inflows
Why this report issues
Bitcoin has absorbed over $24 billion in demand since mid-April—but value motion has stalled.
One thing beneath the floor is offsetting these inflows, and few are speaking about it.
Whereas… pic.twitter.com/cgm7JVy5vz— 10x Analysis (@10x_Research) June 19, 2025
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Past the inflows, a number of headwinds are dampening momentum. Retail participation, a key driver in earlier bull runs, stays unusually muted.
On-chain knowledge reveals a scarcity of smaller transactions (underneath $10,000), whereas Google Tendencies reveals low retail curiosity in Bitcoin in comparison with the frenzied peaks of 2017 and 2021.
With out widespread retail hypothesis, the type that creates parabolic strikes, costs have little gas to interrupt greater.
Geopolitical tensions and macroeconomic uncertainty are additionally contributing to the stall. The Israel-Iran battle, potential US tariff shifts and combined indicators from the Federal Reserve are making a cautious danger setting.
Regardless of Inflows, Market Stalls as Liquidations and Weak Liquidity Chunk
Bitcoin has responded by buying and selling sideways, and up to date liquidations totaling $1.2b in leveraged positions have solely added downward strain.
Liquidity circumstances stay tight. Since March 2025, USD liquidity has been flat to barely adverse, limiting the movement of capital into speculative belongings like Bitcoin. Even with ETF demand, the broader setting lacks the financial backdrop seen in earlier rallies.
On the similar time, technical indicators level to a market on edge. Volatility has compressed, a typical precursor to massive strikes. In the meantime, exercise from long-dormant wallets has raised questions on whether or not early holders are exiting into energy.
For now, momentum seems caught. Trump’s crypto-friendly stance and regular institutional inflows proceed to make headlines, however the value motion tells a special story. As 10X Analysis places it, merchants would do properly to focus much less on surface-level inflows and extra on the place actual strain is quietly constructing.
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