The crypto asset fell 20% in June—its worst month in 21 months—as US spot Bitcoin ETFs saw their largest monthly withdrawal ever. Whale investors, meanwhile, bought the dip.

The Selloff

Bitcoin traded near $58,620 on July 2, down roughly 1% in the last 24 hours, as June wrapped with the asset posting its worst monthly performance in 21 months. The roughly 20% decline marked a rare stumble for the world's largest cryptocurrency.

A key driver: US spot Bitcoin ETFs experienced record monthly outflows. The funds saw $4.51 billion in net withdrawals during June—the highest monthly total since launch. Institutional and retail money that had flowed in is now leaving.

The Countertrend

Bitcoin whales—wallets holding significant amounts of the asset—accumulated more than 270,000 BTC over the past two weeks. Large holders typically do not panic-sell; their buying during downturns can signal they expect prices to recover.

The divergence is notable. Small and medium-sized investors are exiting through ETF redemptions, while major holders are buying. This dynamic has played out before in crypto cycles: retail exits during downturns, institutional buying at lower levels.

What's Next

Bitcoin's June performance puts it back near levels not seen since early 2024. The $58K–$60K range is now a key support level to watch—a break below could trigger further weakness, while a hold might attract more buyer interest. ETF flows will continue to matter: if outflows persist into July, that adds additional selling pressure.