# Old Bitcoin wallets are quietly buying again even as big funds keep pulling billions out of spot ETFs

> Bitcoin's long-term holders have started absorbing supply after months of selling, while US spot ETFs keep bleeding money and institutions stay defensive with the price hovering near $60,000.

**Type:** article · **Category:** Crypto · **Published:** 2026-07-02 · **Source:** TrendKia
**Canonical:** https://trendkia.com/en/crypto/purane-bitcoin-niveshaka-phira-se-kharidari-men-jute-udhara-bare-phnda-etf-se-arabon-dolara-nikala-rahe-4017 · **Language:** English
**Tags:** Bitcoin, Bitcoin ETF, Glassnode, long-term holders, crypto market, BlackRock IBIT, institutional investment, finance

Two very different mindsets are pulling against each other inside the Bitcoin market right now. On one side sit the investors who have held on for the long haul and are quietly stacking coins again; on the other sit the large institutions steadily draining money out of US spot Bitcoin exchange-traded funds. The tug-of-war is playing out with Bitcoin trading near $60,000.

According to a report published Wednesday by blockchain analytics firm Glassnode, long-term holders have swung back into net accumulation after months of distribution, a move being read as a sign that conviction is starting to return.

## Long-term holders swing back to buying
The pace of buying is still nowhere near the aggressive accumulation seen in earlier bull runs, yet the firm called the shift a notable change in investor behavior.

“Although it is too early to call this a full accumulation regime, the return of persistent long-term buying provides an encouraging signal that conviction is beginning to rebuild beneath the surface,” Glassnode wrote.

History shows that durable moves from net distribution to net accumulation tend to surface during stretches of market weakness, when longer-term investors soak up the supply being dumped by shorter-term participants.

## The buying is spreading across wallet sizes
The firm also noted that the renewed appetite is not confined to long-term holders. The Bitcoin Accumulation Trend Score shows that accumulation has grown increasingly broad-based across several wallet cohorts.

The report flagged strong buying both among investors holding less than one Bitcoin and among entities controlling between 100 and 1,000 BTC.

Glassnode said the synchronized improvement across these different groups points to confidence gradually rebuilding after the recent correction. Sustained buying, however, will be needed before a broader recovery can be confirmed.

## Institutions are still heading for the exit
The picture looks very different on the institutional side. The seven-day moving average of US spot Bitcoin ETF flows has slipped deeper into negative territory. There was a brief recovery in May, but the outflows resumed as Bitcoin drifted back toward $60,000.

“The persistence of redemptions suggests institutional investors remain in a defensive posture, reducing exposure rather than stepping in to absorb the recent weakness,” the report stated.

That gap between patient on-chain investors and price-sensitive institutional players is, in the firm's view, exactly what defines the market's current mood. Long-term holders have begun absorbing supply, but ETF investors have yet to show the same conviction. As a result, any stabilization in ETF flows will depend on a broader improvement in market confidence.

## June set a record for ETF outflows
US spot Bitcoin ETFs logged a record $4.5 billion in net outflows in June, their weakest month since launch. BlackRock's IBIT alone accounted for $3.55 billion of those redemptions, spread over nine consecutive trading days.

## Why the money is leaving
Nansen Senior Research Analyst Nicolai Sondergaard tied the sustained outflows to a mix of macroeconomic headwinds and competition for risk capital, rather than any wholesale loss of faith in Bitcoin.

He pointed out that shifting interest rate expectations have piled further pressure on institutional positioning. The 10-year US Treasury yield climbed to 4.49%, and bond futures were pricing in more than an 85% probability of another rate hike before the end of the year.

Sondergaard also highlighted that exchanges saw net outflows of roughly 5,500 BTC over the past week, a hint that distribution is continuing.

## Familiar signs of a bottom
Long-term holder supply has climbed to a record high of around 14.7 million BTC. At the same time, Bitcoin's MVRV Z-score has compressed toward levels that have historically lined up with major cycle bottoms.

“The onchain and derivatives layers are saying different things about the same market,” Sondergaard said, adding that incoming macroeconomic data will likely decide whether institutional investors start coming back in July.

## Where Bitcoin stands right now
At the time the report was written, Bitcoin was changing hands at $59,550, up 2.4% over the previous 24 hours. Live market data shows the price has since firmed further to $60,953, a 4.09% gain from the prior close of $58,559.

The live technical readings paint a mixed picture. RSI(14) sits at 41, neither overbought nor oversold. The price is trading below its EMA20 ($62,237), EMA50 and EMA200, pointing to a longer-term downtrend. Support sits near $58,076 on the downside, with resistance around $67,248 above. On the derivatives side, roughly $418.8 million was liquidated over 24 hours, and the long-short split stayed almost even at 49.52% versus 50.48%.

## What this means for you
- **For crypto investors:** The split between long-term holders buying and ETF money leaving suggests a quick, one-way recovery is unlikely, so Bitcoin could stay choppy in the near term.
- **For potential buyers:** The MVRV Z-score sliding toward past bottom levels and support near $58,000 are key markers worth watching before making a considered decision.

## Questions & Answers

### 1. What is the main takeaway from the Glassnode report?
Bitcoin's long-term holders have returned to net buying after months of selling, even as US spot ETFs keep seeing money flow out.

### 2. What price is Bitcoin at now?
It was trading at $59,550, up 2.4% over 24 hours when the report was written; live data shows it later rose to $60,953.

### 3. How much money left ETFs in June?
US spot Bitcoin ETFs recorded a record $4.5 billion in net outflows in June, with BlackRock's IBIT alone accounting for $3.55 billion over nine consecutive trading days.

### 4. Which investors are buying more?
Strong buying was seen both among investors holding less than one Bitcoin and among entities controlling between 100 and 1,000 BTC.

### 5. Why is the money leaving?
Nansen's Nicolai Sondergaard attributed it to macroeconomic headwinds and competition for risk capital, not a loss of faith in Bitcoin.

### 6. What signs of a bottom are showing up?
Long-term holder supply has hit a record high of around 14.7 million BTC, and the MVRV Z-score has compressed toward levels that historically coincided with major cycle bottoms.

### 7. What will decide whether institutions return?
According to Sondergaard, whether institutional investors come back in July will largely depend on upcoming macroeconomic data.

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