Key Takeaways
- Analysts and users report that large bitcoin ETF inflows are absorbing real coins, reducing supply on exchanges.
- Much of bitcoin trading volume is 'paper bitcoin,' not backed by actual coins, which can distort the market's true state.
- Some believe that whales and institutions are controlling the market to suppress volatility and delay a major price breakout.
Despite billions of dollars in corporate and institutional bitcoin purchases, analysts and users are questioning why the price of bitcoin has barely moved over the past six months.
On Twitter, the user Bitcoin Cam asked:
“Can anyone explain to me why companies are buying billions of dollars of bitcoin every week and the price is virtually unchanged over the last 6 months?”
This sentiment was echoed widely, even by noted bitcoin skeptic Peter Schiff, who commented:
“The whales who already own a bunch of Bitcoin are selling to these buyers to cash out their huge gains.”
Five reasons from users and analysts
A user known as SightBringer outlined several factors that, in their view, are keeping the bitcoin price steady:
- ETF flows are real: Analysts note that institutions like BlackRock and Fidelity are accumulating actual bitcoin through ETFs, moving coins into long-term storage and reducing supply on exchanges. ETF inflow data supports this.
- Exchange liquidity is fake: Much of the trading volume consists of “paper bitcoin”—IOUs or derivatives—rather than actual coins changing hands. This can mask true supply and demand dynamics. See more on exchange liquidity and bitcoin price history.
- Whales rotating supply: Large holders (whales) are quietly moving or selling coins over-the-counter instead of on public markets, limiting price impact. Glassnode reported whales absorbed over 300% of new supply in April.
- Volatility suppression: Big funds and asset managers prefer price stability for compliance and settlement reasons. Volatility metrics show a decline in recent months (view historical volatility).
- Delayed breakout: Some users speculate the market is being deliberately held in check by large players to facilitate accumulation before a major move.
SightBringer summarized:
“The real question isn’t ‘why isn’t it moving?’ It’s: Who’s making sure it doesn’t and why?”
Market snapshot
As of June 28, 2025, bitcoin’s market cap sits at $2.13 trillion with a 24-hour trading volume of $38.52 billion. Bitcoin dominance is 64.88%.
