June was a total downer for bitcoin as it wrapped up around its lowest point in nearly two years hitting about $58,000 on the 30th while those spot etf flows kept bleeding out hard π
Btc Wades Through Etf Drains and Whale Caution π
Santiment’s report from July 2 showed a split forming between smaller holders and the big wallets with under 0.01 btc stacks growing in the last half of the month yet those 10 to 10,000 btc addresses pulling back their positions. This hints the larger players still doubt we’re at any real floor yet. Heavy etf pressure added fuel since may 6 spot bitcoin etfs have seen roughly $8.9 billion in net outflows with june alone losing $4.51 billion their worst stretch ever and creeping toward that $10 billion mark which could mean weaker hands folding after the long slide. Strategy’s preferred stock dipping into the $70s only layered more doubt onto their whole setup amid the btc weakness.
Some Glimmers Shone Through the Shadows π¦
Still not everything sank as hyperliquid’s hype token pushed to fresh highs on rising derivatives action and fresh launches while lighter’s lit token rolled out buybacks burns and staking perks. Pump.fun kept raking in revenue even while hunting a chief legal officer role paying up to $5 million sparking talk of gearing up for tougher rules. Solana memes stirred again with influencer pushes like the black bull ansem which exploded nearly 88,000 percent in seven days. Bitcoin clawed back above $61,000 but june might stick in memory more for revealing where capital still chases fresh degen plays in defi corners.
Just another echo from the void by iconofsin.eth π