The Bitcoin ETF narrative has reignited market optimism as prices continue to push toward local highs. After months of sideways movement and intermittent sell-offs, the combination of massive ETF inflows and renewed whale accumulation is painting a new bullish picture. Momentum is building fast—traders and analysts alike are asking: is the next bull run already underway?
ETF Inflows Return as BTC Breaks Resistance
After several days of lukewarm performance, the spot bitcoin ETF market is showing signs of strong recovery. On July 9, BlackRock’s iShares Bitcoin Trust (IBIT) led a resurgence in institutional flows, helping drive Bitcoin past the key $111K resistance.
Source: Farside Investors
Net inflows across U.S. bitcoin ETFs have now surpassed $50 billion in cumulative assets — a remarkable figure given that these products only launched 18 months ago. This surge in demand from institutions appears to be providing the underlying support for the current breakout.
Whales Are Not Selling
While retail sentiment remains mixed, whales are quietly accumulating. According to on-chain data from CryptoQuant, the Exchange Whale Ratio — a metric that tracks how much BTC whales are depositing to exchanges — has been declining steadily.
Source: CryptoQuant
This decline suggests that whales are opting to hold or transfer their BTC to cold storage, rather than preparing to sell — a pattern that historically precedes major rallies.
Who’s Buying Bitcoin Now?
Looking deeper, accumulation isn’t limited to whales. Glassnode data reveals a broad-based buying pattern across address cohorts holding 100 to 10,000 BTC, the sweet spot for institutions, funds, and early crypto firms.
Source: Glassnode
These wallets, which had been in net distribution since early June, are now flipping back into accumulation territory — another clear bullish signal.
BTC Technical Breakout: What’s Next?
From a technical standpoint, BTC’s breakout above the $111,000 level confirms the end of a multi-week consolidation phase. The next key resistance zone lies around $114,300 to $120,000, according to price cluster data.
Source: Tradingview
Volume is also confirming the move, with the uptick in ETF activity aligning with rising spot and derivatives trading — a sign that momentum could continue in the short term.
Institutional Appetite Is Back
Beyond day-to-day movements, the broader trend remains compelling. Bitcoin ETFs have shown a clear return to net positive flows, reversing the minor drawdowns seen in late June.
Source: Coinglass
This return to net inflows aligns with increasing macro pressure, global liquidity shifts, and continued weakening of fiat currencies — factors that make BTC particularly attractive to long-term institutional allocators.
Final Thoughts: What This Means for the Bitcoin ETF Landscape
The current BTC breakout is being powered not by hype, but by structural capital inflows and on-chain accumulation. As whale activity accelerates and bitcoin ETF flows remain strong, we may be witnessing the early stages of a sustainable rally.
If these trends persist, $120K is not just a speculative target — it’s the next logical milestone.
