Bitcoin (BTC) Spot ETFs See $390M Inflow, Mark 8th Straight Day of Gains – Why Isn’t Bitcoin Pumping?
Retail interest in Bitcoin remains subdued, with minimal transaction volume and search activity, leaving the market lacking the impetus required for a breakout. Bitcoin Spot ETFs have received more than $12 billion in inflows since mid-April, but their price has remained flat.
SoSoValue data show that US spot Bitcoin ETFs raised $389 million on June 18. BlackRock’s IBIT and Fidelity’s FBTC lead the inflow spike, but the market has failed to rally in lockstep.
Analysts at 10X Research believe that surface-level bullish indications are disguising underlying selling pressure. Although ETF inflows appear to be significant, they are most likely offset by quiet distribution from major holdings, miners, and over-the-counter dealers. The report released on Thursday noted a consistent bias toward emphasizing positive developments—particularly inflows and purchases—while largely overlooking the equally significant selling pressure.”
No FOMO, No Fuel: Bitcoin Struggles as Retail and Risk Appetite Fade
Beyond the inflows, many impediments are stifling growth. Retail involvement, a crucial driver in prior bull runs, remains extremely low. On-chain data indicates a noticeable lack of smaller transactions (under $10,000), while Google Trends reflects minimal retail interest in Bitcoin compared to the frenzied highs of 2017 and 2021
Without substantial retail speculation, which causes parabolic jumps, prices have little reason to rise. Geopolitical tensions and economic uncertainty are also contributing to the slowdown. The confrontation between Israel and Iran, anticipated US tariff adjustments, and contradictory signals from the Federal Reserve have all contributed to a cautious risk climate.
Despite Inflows, Market Stalls as Liquidations and Weak Liquidity Bite
Bitcoin has responded by trading sideways, and recent liquidations of $1.2 billion in leveraged holdings have further contributed to the downward pressure.
Liquidity remains limited. Since March 2025, USD liquidity has remained stable or slightly negative, preventing the flow of capital into speculative assets such as Bitcoin. Even with ETF demand, the broader economy lacks the monetary background that has previously supported rallies.
At the same time, technical indicators hint to a market on edge. Volatility has decreased, a usual precursor to major swings. Meanwhile, movement from long-dormant wallets has sparked speculation about whether early holders are quitting in strength.
Currently, momentum looks to be stuck. Trump’s crypto-friendly stance and steady institutional inflows continue to dominate headlines, but market action paints a different narrative. According to 10X Research, traders would be better off focusing on where genuine pressure is quietly building rather than surface-level inflows.
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