Money

Bitcoin Whales Accumulate Record 270,000 Coins in Recent Dip, Surpassing COVID and FTX Bottoms

Lark Davis · Bitcoin ETF Flows Just Flipped [Get Ready] · July 3, 2026

Lark Davis

Bitcoin ETF Flows Just Flipped [Get Ready]

"The other two times of the previous biggest accumulations of Bitcoin whales— the COVID bottom, they bought 150,000 coins. The FTX bottom, about 180,000 coins. This move down under $60K, whales bought 270,000 coins. The single biggest accumulation by the most well-versed, well-experienced, deepest-pocketed people in the market, the Bitcoin whales."

Bitcoin whales accumulated 270,000 BTC during the recent drop below $60,000, marking the largest whale accumulation event on record and significantly exceeding the 150,000 coins bought at the COVID bottom and 180,000 at the FTX crash bottom. This massive institutional buying suggests sophisticated investors are betting against further downside to $40,000 levels predicted for October. The accumulation coincides with Bitcoin ETFs recording their first major inflow of $221 million after historic June outflows.

About this episode

Cryptocurrency analyst Lark Davis examines mounting evidence that Bitcoin may be forming a major market bottom after historic June outflows from ETFs. The episode focuses on Bitcoin ETFs recording their first significant inflow of $221 million after weeks of bleeding, while Ethereum, Solana, and XRP ETFs also saw positive flows. Most dramatically, Bitcoin whales accumulated a record 270,000 coins during the recent dip below $60,000, surpassing the 150,000 coins bought at the COVID bottom and 180,000 at the FTX crash, marking the largest whale accumulation event in Bitcoin's history. Davis presents multiple technical indicators suggesting extreme oversold conditions, including Bitcoin's one-month RSI reaching its most oversold reading ever recorded, surpassing even the lows of $180 in 2015 and $15,000 in 2022. Other signals include weekly RSI bullish divergence, the 200-week moving average support, and the Insilico Lilletic indicator flashing its green signal for the first time since the exact FTX crash bottom in November 2022. The episode also covers traditional market movements, including Michael Burry's new short position on Micron Technology and the memory sector experiencing significant corrections with Micron and SanDisk both dropping 17-18%. Davis discusses the Korean KOSPI index dumping 7.9% and approaching bear market territory, while noting capital rotation may be shifting back into crypto. He reviews active trading positions on Bitcoin, Jupiter, and Solana, and examines altcoin opportunities including Polygon flipping Base for stablecoin swap volume despite its depressed price. Davis emphasizes the risk-reward setup favors accumulation despite consensus predictions for further downside to $40,000 in October.

Key takeaways

Bitcoin whales accumulated a record 270,000 coins below $60,000, the largest institutional buying event ever recorded and nearly double previous accumulation at major bottoms.
Bitcoin's one-month RSI indicator reached its most oversold level in history, exceeding readings from the $180 bottom in 2015 and $15,000 bottom in 2022.
Bitcoin ETFs recorded $221 million in inflows marking the first significant positive flow in weeks after historic June outflows reversed capital trends.
The Insilico Lilletic indicator flashed its green signal for the first time since correctly identifying the exact FTX crash bottom in November 2022.
Michael Burry disclosed a new short position on Micron Technology after successfully shorting Palantir, as memory stocks Micron and SanDisk both dropped 17-18%.
The Korean KOSPI index dumped 7.9% and sits just 2% from bear market territory driven by Samsung and SK Hynix corrections in the memory sector.
Polygon flipped Base to become number two in stablecoin swap volume with $1.23 billion in June despite its price trading near 2020 lows around 3 cents.