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.