Bitcoin (BTC) and other major cryptocurrencies have struggled to provide investors with a clear directional signal amid a historically bearish June, further deepening the slump as inflows into spot Bitcoin ETFs have slowed.
Bitcoin and Cryptocurrencies Weak in June: ETF Inflows Slow
According to data published by 10x Research, June is generally a mixed or negative month for Bitcoin. Over the past 10 years, BTC’s average return this month was recorded as 1.9%, with half of them being positive and half being negative months.
Ethereum (ETH) has performed less well: it has only risen in two of the last seven Junes, with an average decline of 11.7%. XRP has performed even worse, while Solana (SOL) has remained relatively more resilient.
This weak outlook is also reflected in the waning interest in spot Bitcoin ETFs traded in the U.S. According to SoSoValue data, the ETFs saw net inflows on only two of the last five trading days.
ETF inflows remained at $87 million on Wednesday, a sharp drop from Tuesday’s $387 million. Inflows into Ethereum ETFs also fell to $57 million, the lowest since May.
“The weakening pace of institutional inflows suggests that we are losing momentum and forces us to remain cautious about the near-term outlook,” said Valentin Fournier, chief research analyst at BRN.
However, some analysts are more optimistic. “Despite the seasonal summer lull, structurally positive ground remains. BTC and ETH supply growth rates are now lagging behind global money supply growth, increasing the likelihood of positive price action in the long term. New treasury buyers are absorbing supply,” QCP Capital said.
The company also pointed out the relative strength of Ethereum, noting that the ETH-BTC ratio is trading near recent highs.
*This is not investment advice.
