Editor's PiCK
"Bitcoin up 2% in June... Lowest performance in a year as whale selling continues"
Summary
- It was reported that Bitcoin’s monthly growth rate for June is expected to remain around 2%, marking the lowest performance in a year.
- It was noted that selling by whales and small holders is offsetting the effect of net inflows into spot ETFs.
- On-chain analysis indicated that opportunistic buying and selling by investors has caused Bitcoin to re-enter a price consolidation phase.
The price of Bitcoin (BTC) in June is expected to record the lowest monthly growth rate in the past year. This has been interpreted as whales and small holders selling off, offsetting ETF inflows and limiting the upward momentum.
According to cryptocurrency media outlet CoinDesk on the 27th (local time), Bitcoin has risen by only about 2% so far this month, marking the weakest monthly performance since July last year. Meanwhile, about $3.9 billion in net inflows have entered spot Bitcoin ETFs over the same period.
On-chain analytics platform Glassnode noted in a recent research report, “Bitcoin saw a general selling trend from January to April; buying activity re-emerged only after forming a low near $76,000.” The report also evaluated, “Currently, whales and small-scale investors are exhibiting opportunistic buying and selling. As a result, it appears Bitcoin has once again entered a price consolidation phase.”
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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