On-chain data confirms June brought real pain for bitcoin at 57800 but spot demand and institutional flows took a hit too. Speculation swirls around a possible cyclical bottom though nothing is locked in yet.
Bitcoin’s Darkest June in Years 🖤
Btc dipped to a fresh cycle low of 57800 marking the worst June since 2022 and the second weakest since 2013. Analysts note the drop got worse from fading STRC demand plus six straight weeks of ETF outflows the longest streak since launch. The slide from cycle highs hit 54.15 percent and btc closed the month down 20.48 percent.
Analysts at Bitfinex shared in their latest Alpha that historical patterns point to a stronger July but seasonality alone won’t hold up without fresh spot and institutional buying.
July Looking Up or Just a Tease 🌑
Past bear markets show June and November as the weakest periods so July often turns firmer with double digit gains in 2018 and 2022. Still experts say it’s too soon to call cycle lows secure. Demand engines need real repair first to set up any lasting recovery.
The ETF side saw a brief $223.5 million inflow on July 2 but one day won’t erase six weeks of outflows. With btc already back above 60000 on July 1 the move feels like a failed breakdown where spot interest started returning at the lows. Seasonality helps yet only sustained buying will push things forward. 💀
Just another echo from the void by iconofsin.eth 💖
