Bitcoin (BTC) and other major cryptocurrencies have struggled to provide clear directional signals for investors amid a historically bearish June, further slumping as the inflow into the spot slowed.
Weak Bitcoin and Cryptocurrency in June: ETF inflows slow
June is generally a mixed or negative Bitcoin month, according to data published in the 10x survey. Over the past decade, the average BTC return this month has been recorded as 1.9%, half of which have been positive and half of which have been negative.
Ethereum (ETH) has suffered poor performance. It only rose in two of the last seven Jun. This is an average decrease of 11.7%. XRP has gotten worse, but Solana (Sol) remains relatively resilient.
This weak outlook is also reflected in its declined interest in Spot Bitcoin ETFs trading in the US, according to SOSovalue data, where ETFs have seen net inflows only two of the last five trading days.
ETF inflows remained at $87 million on Wednesday, down sharply from $387 million on Tuesday. The inflow to Ethereum ETFs also fell to $57 million. This is the lowest since May.
“The weaker pace of institutional influx suggests we are losing momentum and forces us to remain cautious about close perspectives,” said Valentin Fournier, chief research analyst at BRN.
However, some analysts are more optimistic. “Despite the seasonal summer lull, there is still a structurally positive foundation. The growth rate of BTC and ETH supply is currently lagging behind the growth of global money supply, increasing the possibility of positive price action in the long run. New financial buyers are absorbing supply.”
The company also pointed to the relative strength of Ethereum, noting that the Eth-BTC ratio is trading near the recent high.
*This is not investment advice.
