Bitcoin’s once-vibrant momentum seems to have hit a snag this June, with the flagship cryptocurrency poised to record its most tepid monthly growth since July of last year. Trading around $107,000 as of today, Bitcoin’s uptick of just 2% for June appears lackluster against a backdrop of significant spot ETF inflows and robust corporate treasury adoption.
Whales and Wallets: A Market Tug-of-War
The crypto landscape is a complex beast, and Bitcoin’s current scenario underscores this perfectly. Despite the U.S. spot exchange-traded funds (ETFs) experiencing a hefty $3.9 billion in net inflows over consecutive weeks, the coin’s price trajectory remains sluggish. According to Glassnode data, the activity—or lack thereof—of Bitcoin whales and smaller wallets might be the missing piece of this puzzle. This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
Glassnode’s Accumulation Trend Score, which dissects the behavior of different wallet cohorts, reveals a nuanced narrative. The metric indicates that wallets holding between 10 and 10,000 BTC are in accumulation mode, yet their behavior oscillates between buying and selling, suggesting a more opportunistic approach. Meanwhile, whales—those with 10,000 BTC or more—are veering towards distribution, and smaller holders aren’t exactly clutching onto their holdings either. This intricate dance hints at a market caught between optimism and caution.
Consolidation: The New Normal?
Bitcoin’s journey in the first half of 2025 paints a vivid picture of volatility and resilience. From January to April, the market witnessed a selling spree, culminating in a bottom near the $76,000 mark in April. Since then, however, the crypto has slipped into what appears to be a consolidation phase. Glassnode’s latest “Week On-Chain” report supports this, highlighting a slowdown in profit-taking activities. Realized profits have surged to $650 billion in this cycle, outpacing the $550 billion recorded in the previous one.
Glassnode attributes this emerging trend to a broader market cooldown, indicating that the consolidation is not just a passing phase but perhaps a new normal. The crypto community is keeping a keen eye on these developments, pondering whether this consolidation will lay the groundwork for future bullish moves or signal a longer-term plateau. As explored in our recent coverage of Bitcoin ETF inflows crossing $1 billion, these developments could be pivotal in shaping Bitcoin’s next move.
Historical Echoes and Future Musings
Looking back, Bitcoin’s history is rife with cycles of booms and busts, each teaching valuable lessons. The current phase offers a fresh chapter, one where ETF inflows and whale activity might just be the echoes of past market behaviors. Yet, the future remains shrouded in mystery. Will Bitcoin manage to break free from its current stagnation, or is it destined to hover in this consolidation limbo?
As we close June 2025, the cryptocurrency market stands at a crossroads. Analysts, investors, and enthusiasts alike are left contemplating the potential trajectories. Could this be a harbinger of a new bull run, or will we witness a prolonged period of consolidation? Only time will tell, but one thing’s for certain—the world will be watching.
Source
This article is based on: Bitcoin Faces Weakest Monthly Growth Since July as Whales Counteract ETF Inflows
Further Reading
Deepen your understanding with these related articles:
- Bitcoin futures premium falls to 3-month low despite strong BTC ETF inflows
- Bitcoin ETFs Pull in $1 Billion Despite Price Pressure | ETF News
- Bitcoin Market Faces Sharp Deleveraging as Investors Exit Risk Positions
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
