Since mid-April, Bitcoin spot exchange-traded funds (ETFs) have attracted over $12 billion in inflows, yet the cryptocurrency’s price has remained largely unchanged.
Data from SoSoValue indicates that US spot Bitcoin ETFs gathered $389 million on June 18 alone. Key players in this growth include BlackRock’s IBIT and Fidelity’s FBTC, but contrary to these positive developments, the broader market has failed to experience a corresponding rally.
Analysts from 10X Research point out that the apparent bullish momentum may be concealing underlying selling pressures. While the inflow of capital into ETFs appears robust, it could be counterbalanced by covert distributions by major holders, miners, and over-the-counter trading desks.
In a report published Thursday, the firm noted, “There is a persistent bias toward highlighting positive developments—especially inflows and buying—while largely ignoring the equally important selling pressure.”
Why Bitcoin Isn’t Rallying—Even After $12 Billion in Inflows
Why this report matters
Despite NASA’s inflows exceeding $24 billion since mid-April, Bitcoin’s price action remains stalled.
Underlying factors seem to be negating these inflows, and the conversation surrounding this dynamic is minimal.
While… pic.twitter.com/cgm7JVy5vz
— 10x Research (@10x_Research) June 19, 2025
No FOMO, No Fuel: Bitcoin Struggles as Retail and Risk Appetite Fade
In addition to the influx of funds, multiple challenges are hindering Bitcoin’s momentum. Retail participation, a crucial element in past bullish trends, remains notably subdued.
On-chain analytics reveal a scarcity of transactions under $10,000, and Google Trends data reflects a significant decline in retail interest in Bitcoin when compared to the peaks experienced in 2017 and 2021.
Without widespread retail speculation, which has historically driven dramatic price increases, Bitcoin lacks the necessary fuel to surge higher.
Broader geopolitical tensions and economic uncertainties are also playing a role in this stagnation. Ongoing conflicts, such as the Israel-Iran situation, potential changes in US tariffs, and unclear signals from the Federal Reserve are fostering a cautious investment environment.
Despite Inflows, Market Stalls as Liquidations and Weak Liquidity Bite
As a result of these pressures, Bitcoin has settled into a sideways trading pattern, compounded by approximately $1.2 billion in liquidations of leveraged positions that have added to the bearish sentiment.
Liquidity constraints persist. Since March 2025, USD liquidity has been flat to slightly declining, which restricts capital flow into speculative investments like Bitcoin. Even amid ETF demand, the current market lacks the favorable monetary environment seen during past price rallies.
Technical signals also indicate a market poised for movement. Volatility has diminished, often a precursor to significant price fluctuations. Concurrently, activities from previously dormant wallets have sparked speculation that early investors may be cashing out in favorable circumstances.
Currently, momentum appears to be in limbo. While Trump’s supportive stance on cryptocurrency and consistent institutional inflows grab headlines, actual price developments tell a contrasting tale. According to 10X Research, traders should shift their focus from superficial inflows to the more substantial pressure that is quietly building beneath the surface.
The post Bitcoin Spot ETFs See $390M Inflow, Mark 8th Straight Day of Gains – Why Isn’t Bitcoin Pumping? appeared first on Finance Newso.
