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- Welcome Kevin_Lee to the Gate Square! 🎉
Looking forward to more great crypto insights from him.
Check out and engage with Kevin_Lee’s latest post!
👉 Post: https://www.gate.com/post/status/11758920
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Let’s give Kevin_Lee a warm welcome! 👏👏👏
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Bitcoin and Cryptocurrencies Are Weak in June! Will History Repeat Itself? Here Are Analysts' Opinions
Bitcoin (BTC) and other major cryptocurrencies are struggling to provide investors with a clear directional signal due to June's historically bearish trend. The slowdown in inflows to Spot Bitcoin ETFs is further deepening this stagnation.
Bitcoin and Cryptocurrencies Are Weak in June: ETF Inflows Slowed
According to data published by 10x Research, June generally tends to be mixed or negative for Bitcoin. Over the last 10 years, the average return of BTC in this month has been recorded at 1.9%, with half of those months being positive and half negative.
Ethereum's (ETH) performance is even weaker: Only two of the last seven June months have been on the rise, with an average decline of 11.7%. XRP fared even worse, while Solana (SOL) remained relatively resilient.
This weak appearance is also reflected in the declining interest in spot Bitcoin ETFs traded in the US. According to SoSoValue data, ETFs have only seen net inflows on two of the last five trading days.
While ETF inflows remained at 87 million dollars on Wednesday, this figure indicates a sharp get dumped compared to Tuesday's 387 million dollars. Inflows into Ethereum ETFs also decreased to 57 million dollars, reaching the lowest level since May.
BRN Chief Research Analyst Valentin Fournier said, "The weakening pace of institutional entries indicates that we have lost momentum and forces us to be cautious regarding the short-term outlook."
Some analysts, however, paint a more optimistic picture. QCP Capital said, "Despite the seasonal summer recession, structurally positive ground is maintained. BTC and ETH supply growth rates are now lagging behind global money supply growth. This increases the likelihood of positive price movement in the long run. New treasuries buyers are sucking up the supply," he said.
The company also pointed out that the ETH-BTC ratio is trading close to recent peaks, indicating Ethereum's relative strength.
*This is not investment advice.
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