Bitcoin's June Growth Slows to 2% Amid Mixed Market Signals

Bitcoin is experiencing its weakest monthly growth since July, with a gain of just over 2% for June. This performance is notably subdued compared to previous months, marking a significant slowdown in the cryptocurrency's upward trajectory. The current price of Bitcoin stands at approximately $107,000, reflecting a modest increase of 2% for the month. This modest gain is the smallest since last July, indicating a period of stagnation in the market.

The current market dynamics are characterized by a mix of strong spot ETF inflows and signs of on-chain selling by both whales and smaller holders. Despite the continued accumulation of Bitcoin through spot ETFs, which have seen $3.9 billion in net inflows over consecutive weeks, the overall market sentiment remains uncertain. This discrepancy suggests that while institutional investors are bullish on Bitcoin, retail investors and larger holders are more cautious, leading to a net selling pressure.

On-chain data from Glassnode provides further insights into the behavior of different wallet cohorts. The Accumulation Trend Score, a key metric, indicates that holders with balances between 10 and 10,000 BTC are in accumulation mode but exhibit fluctuating behavior, suggesting opportunistic trading rather than consistent buying or selling. In contrast, whales holding 10,000 BTC or more are slightly inclined toward distributing their holdings, while smaller holders are also net sellers. This data highlights a market where larger investors are taking profits, while smaller investors are cautious or selling their holdings.

Between January and April 2025, all cohorts were predominantly selling, but accumulation resumed once Bitcoin bottomed in April near the $76,000 level. The asset now appears to have entered another consolidation phase, with profit-taking activity beginning to slow. Realized profits have reached $650 billion in this cycle, compared to $550 billion during the previous cycle. This trend is attributed to a market cooldown, further emphasizing the ongoing consolidation period. The mixed signals from on-chain data and the market's uncertainty underscore the need for cautious optimism as Bitcoin navigates this period of consolidation.