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Bitcoin Spot ETFs Experience $390 Million Inflow, Marking Eighth Consecutive Day of Increases – What’s Behind Bitcoin’s Lack of Surge?
Bitcoin Spot ETFs have attracted over $12 billion in inflows since mid-April, yet the price remains unchanged.
On June 18, US spot Bitcoin ETFs recorded an inflow of $389 million, as per SoSoValue data. The inflow surge was primarily driven by BlackRock’s IBIT and Fidelity’s FBTC, but the market has not responded with a corresponding rally.
Analysts from 10X Research indicate that apparent bullish indicators are concealing underlying selling pressure. Although ETF inflows may appear robust, they are likely being counterbalanced by discreet distribution from major holders, miners, and over-the-counter desks.
“There is a consistent tendency to emphasize positive developments—particularly inflows and purchases—while largely overlooking the equally significant selling pressure,” the firm stated in a report published on Thursday.
Why Bitcoin Isn’t Rallying—Even After $12 Billion in Inflows
Why this report matters
Bitcoin has absorbed over $24 billion in demand since mid-April—yet price movement has stagnated.
Something beneath the surface is counteracting those inflows, and few are discussing it.
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 inflows, various challenges are hindering momentum. Retail engagement, a crucial factor in previous bull markets, remains notably low.
On-chain data indicates a scarcity of smaller transactions (under $10,000), while Google Trends shows diminished retail interest in Bitcoin compared to the intense peaks of 2017 and 2021.
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In the absence of widespread retail speculation, which typically drives parabolic price movements, there is little impetus for prices to rise.
Geopolitical tensions and macroeconomic uncertainty are also playing a role in the stagnation. The Israel-Iran conflict, potential changes in US tariffs, and mixed signals from the Federal Reserve are fostering a cautious risk environment.
Despite Inflows, Market Stalls as Liquidations and Weak Liquidity Bite
Bitcoin has reacted by trading sideways, and recent liquidations amounting to $1.2 billion in leveraged positions have further intensified downward pressure.
Liquidity conditions remain constrained. Since March 2025, USD liquidity has been stable to slightly negative, restricting the flow of capital into speculative assets like Bitcoin. Even with ETF demand, the broader environment lacks the monetary conditions seen in earlier rallies.
Simultaneously, technical indicators suggest a market on edge. Volatility has contracted, a typical precursor to significant movements. Additionally, activity from long-inactive wallets has raised concerns about whether early holders are selling into strength.
At this moment, momentum seems stalled. Trump’s crypto-friendly position and consistent institutional inflows continue to generate headlines, but the price action presents a contrasting narrative. As 10X Research notes, traders should concentrate less on superficial inflows and more on where genuine pressure is quietly accumulating.
The post Bitcoin Spot ETFs See $390M Inflow, Mark 8th Straight Day of Gains – Why Isn’t Bitcoin Pumping? appeared first on Cryptonews.
