Bitcoin tops $62K as whales buy $16.7B while ETF outflows hit record

Bitcoin climbed above $62,000 on Friday as large holders continued accumulating the cryptocurrency despite record outflows from US spot Bitcoin exchange-traded funds (ETFs), while investors also weighed weaker US economic data and the outlook for Federal Reserve policy.

Bitcoin BTC rose to as high as $62,310, its strongest level since June 24, according to CoinMarketCap data.

The move came as US financial markets remained closed for the Independence Day holiday after the Dow Jones Industrial Average reached a record high in the previous session.

Global equities also continued their rally.

Bitcoin tests key resistance levels

Market participants said Bitcoin's recent advance has been driven by steady buying, although key technical resistance remains just ahead.

X commentator Exitpump described the move as “controlled slow buying” on exchanges.

“Looks good for continuation higher, although keeping in mind 62K - 62.5K as a strong resistance area,” they told X followers.

Trader Daan Crypto Trades highlighted the importance of the 200-week simple moving average (SMA), currently near $62,652, as a critical level for the weekly close.

“It is key for BTC now to hold this breakout and maintain its low timeframe bullish market structure,” he commented, calling the current trading zone “important.”

The technical breakout follows a period of weakness in June as cryptocurrencies came under pressure from concerns that the Federal Reserve could keep monetary policy restrictive for longer.

Whales accumulate as ETF investors sell

While institutional investors reduced exposure through ETFs, large Bitcoin holders moved in the opposite direction.

According to analysts at Bitfinex, wallets commonly identified as whales accumulated more than 270,000 Bitcoin—worth approximately $16.7 billion—over the past two weeks.

The purchases came even as US spot Bitcoin ETFs recorded $4.06 billion in outflows during June, marking the largest monthly withdrawal since the products launched.

The previous record outflow was $3.56 billion in February 2025.

The heavy selling pushed US spot Bitcoin ETFs into negative net flows for 2026 as a whole for the first time.

However, the funds registered a modest recovery on Thursday with net inflows of $221 million.

Bitfinex analysts noted that whale accumulation occurred while the US spot premium remained negative, suggesting the buying was not being driven by traditional US spot market participants.

The analysts added that institutional selling alongside long-term holder accumulation has historically appeared near market cycle lows, when experienced investors absorb selling pressure before broader recoveries develop.

Fed outlook and inflation remain key catalysts

The latest US employment report also influenced market sentiment.

June nonfarm payrolls increased by just 57,000, well below expectations, prompting investors to reassess the outlook for Federal Reserve interest rate policy.

“The knee-jerk reaction from investors was to push stock index futures higher, signaling a regime where bad economic news is good for stocks due to the impact on the rate outlook,” Mosaic Asset Company said.

“The reality is that the payrolls report reflects a “Goldilocks” figure for the average stock, which isn’t too cold to stoke growth fears and not too hot to pull additional rate hikes forward,” it added.

According to CME Group's FedWatch Tool, markets currently assign roughly equal odds to the Federal Reserve either holding interest rates steady or raising them at its September meeting.

Elsewhere in the cryptocurrency market, Solana has outperformed Bitcoin, rising about 15% since early June, supported by protocol upgrades and a sharp increase in tokenized real-world asset transfers.