Spot Bitcoin ETF inflows have plunged over 90% — from $3 billion in late April to just $228 million this week — raising concerns about BTC’s short-term momentum. Historically, large ETF inflows have supported major price rallies, but new data suggests Bitcoin can still rally without them.
For instance, in Q2 2025, BTC surged 22% even as ETF inflows turned negative two weeks prior, showing growing independence from institutional fund flows. Analysts point to factors like easing U.S. tariffs, rising retail participation, and strong whale accumulation as alternative drivers.
Despite current short-term selling pressure, whale wallets are showing restraint in taking profits compared to past rallies, according to CryptoQuant. Analysts interpret this as a sign that the bull market may still have room to run.
While ETF inflow slowdowns have historically preceded corrections, reduced whale profit-taking hints that the market may be gearing up for another leg higher — especially if support at $100K holds strong.
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