Bitcoin Encounters Bearish June Seasonality Amid Slowing ETF Inflows

Bitcoin (BTC) and major cryptocurrencies show limited market direction as spot ETF inflows decline during a historically bearish June. Key observations include:

  • BTC's average return in June over the past decade is 1.9%, with mixed outcomes.
  • Ethereum's ether (ETH) sees an average decline of 11.7% in June, while XRP performs poorly.
  • Spot bitcoin ETFs recorded only $87 million in inflows on Wednesday, down from $387 million the previous day.
  • Institutional flow weakness indicates cautious short-term outlook, according to analysts.
  • Despite this, some analysts remain optimistic about structural growth driven by institutional adoption.
  • Circle priced its IPO at $31 per share, above expectations, valuing the company at $1.1 billion.
  • The California Assembly approved a bill allowing the state to hold long-inactive crypto assets as unclaimed property.
  • A whale address linked to Consensys acquired $320 million in ETH.
  • Mixed U.S. economic reports have influenced Treasury yields, renewing rate cut speculation.

Upcoming Events

  • June 5: Circle shares begin trading on NYSE.
  • June 6: Sia activates Phase 1 of its V2 hard fork.
  • June 9: U.S. SEC Crypto Task Force roundtable.
  • June 10: U.S. House hearing on crypto market structure bill.
  • June 11: Stratis activates mainnet hard fork.
  • June 16: 21Shares executes share split for ARK 21Shares Bitcoin ETF.

Market Movements

  • BTC at $104,909.52, down 0.79% in 24 hours.
  • ETH unchanged at $2,607.45, down 1.02%.
  • CME futures open interest for BTC at 145,655 BTC.
  • DXY remains at 99.82; gold futures up 1.15% to $3,412.40/oz.

Token Events

  • Governance votes ongoing for Arbitrum DAO and Uniswap DAO.
  • PancakeSwap hosting AMA on security on June 5.
  • Aptos to unlock 1.79% of circulating supply worth $54.40 million on June 12.

ETF Flows

Spot BTC ETFs recorded daily net flows of $87 million, with cumulative inflows at $44.55 billion. Spot ETH ETFs had $57 million in daily net flows and $3.30 billion cumulative.