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Why Bitcoin Isn’t Rallying—Even After $12 Billion in Inflows

Actionable Market Insights

Author

10x Research
June 19, 2025

Why this report matters

Bitcoin has absorbed over $24 billion in demand since mid-April—yet price action has stalled. Something beneath the surface is offsetting those inflows, and few are talking about it. While ETF flows and global liquidity charts still dominate headlines, our models suggest a shift may already be underway.

The Fed’s tone is changing, OG wallets are moving, and volatility is quietly compressing. Traders betting on a breakout, or bracing for a breakdown, need to understand where the real pressure is building. This report breaks down the signals, reveals what’s holding Bitcoin back, and outlines the two price levels that could change everything.

Main argument

In the crypto space, there is a persistent bias toward highlighting positive developments—especially inflows and buying—while largely ignoring the equally important selling pressure. This imbalance is one reason much of crypto commentary lacks reliability. Despite billions in recent inflows, Bitcoin has struggled to rally, suggesting substantial selling is occurring beneath the surface.

Bitcoin ETFs are aggressively accumulating BTC at an unsustainable pace.

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