New York - Bitcoin and major cryptocurrencies are showing little directional clarity, with spot ETF inflows slowing during a seasonally bearish period. This morning's Crypto Daybook Americas briefing highlights these trends.
According to 10x Research, June has historically been a mixed month for major tokens. Bitcoin has averaged a 1.9% return in June over the past decade, split evenly between positive and negative occurrences. Ether (ETH) has averaged an 11.7% decline, with only two out of the last seven Junes in the green. XRP has performed even worse, while SOL has shown more strength (Source: Crypto Daybook Americas).
U.S.-listed spot Bitcoin ETFs recorded net inflows in only two of the past five trading days. Inflows on Wednesday were just $87 million, a significant drop from Tuesday's $387 million. Ether ETFs saw a net inflow of $57 million, the lowest since May 21 (Source: Crypto Daybook Americas).
The weakening pace of institutional flows suggests a loss of momentum, according to Valentin Fournier, lead research analyst at BRN. However, other analysts remain optimistic, citing the rapid pace of institutional adoption. QCP Capital noted that with both BTC and ETH emission rates trailing global money supply growth, a long-term positive price drift appears increasingly probable (Source: Crypto Daybook Americas).
Recent crypto news has been positive. Circle, the issuer of the USDC stablecoin, priced its IPO at $31 per share, exceeding the expected range. The company sold approximately 34 million shares, valuing it at $1.1 billion. The California Assembly approved the AB-1052 bill, classifying long-inactive crypto assets as "unclaimed property." Arkham reported that a whale address linked to Consensys purchased $320 million in ETH from Galaxy Digital and transferred it to a new address (Source: Crypto Daybook Americas).
Economic developments have been less encouraging. Three soft U.S. economic reports, including the Fed's Beige Book, caused Treasury yields to fall, raising hopes for a Fed rate cut (Source: Crypto Daybook Americas).