Bitcoin whales have accumulated more than 270,000 BTC over the past two weeks, diverging from record outflows from U.S. spot Bitcoin ETFs amid continued withdrawals of U.S. institutional funds. According to Odaily, analysis described the split as a cyclical pattern in which institutional capital exits while long-term holders and whale accounts continue to buy.

The analysis said this type of divergence has appeared in previous cycle bottom areas, reflecting a redistribution of funds. On-chain data showed the spot premium remained negative, indicating weaker buying demand in the spot market, while large wallets continued to increase their Bitcoin holdings.

The report characterized the current market structure as a phase of institutional deleveraging alongside accumulation by long-term capital.