Bitcoin Price Stagnates Despite $3.5 Billion ETF Inflow

In June 2025, Bitcoin experienced a significant inflow of $3.5 billion into spot ETFs, yet the price of Bitcoin only increased by 2%. This stagnation has puzzled observers, as the market is accustomed to sharp rallies and institutional momentum. The lack of a substantial price increase, despite the massive inflow, suggests a new balance emerging in the crypto arena, far from the classic patterns of speculative euphoria.

One of the main factors contributing to this stagnation is the persistent selling pressure that neutralizes the impact of ETF purchases. While Bitcoin ETFs recorded massive inflows, these purchases were countered by several major pockets of selling pressure. The main identified selling factors include the Grayscale Bitcoin Trust (GBTC), which continues to record net outflows, and government liquidations of seized bitcoins by the United States, Germany, and other jurisdictions. Additionally, the absence of an immediate catalyst, such as a major regulatory or economic event, has prevented additional demand or significant speculative positioning.

Market sentiment and investor positioning also play a crucial role in the current stagnation. Despite enthusiasm from institutional investors, short-term traders show no clear appetite for long positions. Derivative markets send worrying signals, with funding rates becoming negative, indicating that many traders are now paying to maintain short positions. This caution has resulted in a significant drop in volatility, reaching historically low levels for Bitcoin. The market seems to have entered a compression phase, often perceived as silent accumulation before a major move. However, no clear direction emerges, neither up nor down, as the absence of immediate catalysts sustains this apparent torpor.

Analysts remain divided on the current situation. Some see it as a simple accumulation phase, while others fear a lasting misalignment between financial flows and prices. If institutional sales diminish and bullish conviction returns to derivatives markets, the rebound potential remains intact. However, for now, the market reality is more nuanced, with medium-term prospects remaining uncertain.