Crypto news

Crypto’s Summer Fling: Bitcoin’s Bewitching Dance with Bearish June

BBG News

What a Fine State of Matters:

By Omkar Godbole (Gather ’round, dear reader, as the tempest of the crypto world spins gently into our cups, tasting of dregs and potential laurels alike.)

Bitcoin (BTC) and its equally indecipherable kin continue their melodramatic silence, offering about as much clarity as a foggy morning in Lisbon. During this seasonally melancholy period, the inflows into spot ETFs are as sluggish as a snail in a marathon, whispering tales of impending doom or perhaps just a summer hangover.

Per 10x Research’s whimsical forecasts, June’s reputation as a month of fortune remains as tarnished as a used silver spoon. Bitcoin, that darling of digital gold, has averaged a modest 1.9% return over ten years, an evenly split tale of hopes dashed and dreams fulfilled in equal measure. Ethereum‘s Ether has suffered an 11.7% decline—only lucky two Junes out of seven resemble a green garden—while XRP has floundered even more disgracefully. SOL, bless its heart, has maintained a flicker of resilience.

Curiously, the apparent apathy is reflected in the US-listed spot bitcoin ETFs, which have attracted only two days of net inflows in five—a truly pitiful performance. Wednesday’s $87 million inflow is but a faint whisper next to Tuesday’s $387 million swell. Ether ETFs are similarly lackluster, with a mere $57 million—barely enough to buy a decent dinner, much less a fortune.

“The waning tide of institutional flows signals a loss of momentum,” proclaimed Valentin Fournier, as sombre as a Victorian mourner, “and compels us to view the near future with cautious skepticism.”

Yet some optimists—those eternal romantics—remain hopeful, pointing to the swift embrace of institutional adoption as proof that the show, albeit a slow one, must go on.

“Despite the summer lull, the fundamentals remain unshaken,” quoth QCP Capital, whose optimism might be interpreted as wishful thinking. “Bitcoin and Ethereum’s emission rates trail global money growth, suggesting a long-term upward drift—fingers crossed, dear reader.” They also admire Ether’s recent resilience at the high end of trading ranges.

Meanwhile, in the bright side, Circle has priced its USDC IPO at $31—a triumph that would make even the most seasoned investor smile (or grimace). The California Assembly, with the enthusiasm of a cat chasing its tail, has legislated long-dormant crypto assets as “unclaimed property”—a fine state of affairs, indeed.

Blockchain shenanigans abound, with Arkham sniffing out a whale allegedly linked to Consensys quietly purchasing $320 million worth of Ether—no doubt planning something mischievous or merely wishing to rock the boat.

Alas! The soft reports from the US economy, including the Beige Book, have sent Treasury yields tumbling, rekindling hopes for a Fed rate cut—because who doesn’t love a good boost to the market’s fragile ego?

Conferences & Blather

On September 10, Washington shall host the CoinDesk Policy & Regulation conference, where great minds will gather to debate whether crypto regulation is a dance of angels or devils in disguise.

  • Day 4 of 6: SXSW London
  • Day 3 of 3: Money20/20 Europe 2025 (Amsterdam)
  • Day 2 of 3 Non-Fungible Conference (Lisbon)
  • Day 1 of 2: 2025 Crypto Valley Conference (Zug, Switzerland)
  • June 14: Incrypted Crypto Conference 2025 (Kyiv)
  • June 19-21: BTC Prague 2025
  • June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
  • June 26-27: Istanbul Blockchain Week

The Token Tales

By Shaurya Malwa

  • DEGO plummeted about 60%—a staggering descent—after BNB Chain’s Dego promised to buy a mere $1 stablecoin, revealing perhaps that liquidity is more myth than reality.
  • Investigators (or busybodies) found 93% of USD1’s circulating supply hoarded in three wallets—an elegant solution to the liquidity crisis.
  • Market whispers warn that DEGO’s newfound price support might be yanked away like a rug by an impatient cat.
  • Dego’s team insists their “fundamentals, tokenomics, and long-term vision” are intact—bless their optimistic hearts—blaming the chaos on “short-term market psychology.”
  • Truthfully, skeptics call for more respectable stablecoins—USDT, FDUSD, USDC—before trusting treasury funds to such volatility—wisely so.
  • They promise transparency soon, with plans for an audit, an AMA, and safeguards that would make Fort Knox blush.

Derivatives & Despair

  • Demand for CME-listed BTC and ETH futures has slowed to a crawl—further proof that institutions prefer to watch from the sidelines.
  • Funding rates for Binance’s 1000SHIB futures and BCH futures breathe negativity—horrid signs of bearish sentiment. Other tokens flirt with mild optimism, perhaps dreaming of greener pastures.
  • On Deribit, BTC call options have weakened, but higher strike calls still rule the volume courts—proof that traders love a good gamble.
  • Institutional players continue to dabble in OTC strategies, buying puts and spreads—because why not complicate things further?

Market Moves & Mutterings

  • BTC has nudged up by a hair—0.25%—to $104,909.52, a modest splash in the puddle of its vast ocean. (24 hrs: -0.79%)
  • ETH remains steady at $2,607.45, like a well-trained but unenthusiastic butler, with a small dip of 1.02%.
  • CoinDesk 20 stands stalwart at 3,086.55, marginally rising.
  • The Ether CESR Rate has dipped slightly—proof that even in the crypto realm, nothing remains static.

  • Dollar index remains unchanged at 99.82, because the world loves a good stalemate.
  • Gold futures sprout wings—up 1.15% to $3,412.40 an ounce—because nothing says ‘invest with confidence’ like shiny yellow things.
  • Silver jumps 3.61%, as if to remind us that even metals have a sense of humor at 35.76 per ounce.
  • Major indices are variously slipping or sticking around—Nikkei down, Hang Seng up, Dow slightly down, S&P flat, Nasdaq modestly up, because markets are but a reflection of humanity’s unpredictable whims.

Bitcoin in Numbers: The Grand Show

  • Bitcoin’s dominance remains steadfast at 64.16%. Does it ever change? Probably not.
  • Ethereum to Bitcoin ratio dips lightly—0.02487—like a shy debutante at her first ball.
  • Hashrate stays lofty—900 EH/s—while hashprice walks a fine line at $52.7.
  • Total Fees collected: 4.7 BTC, approximately half a million bucks—enough to buy a small island, perhaps.
  • CME futures interest holds firm at 145,655 BTC; trust in the future is a delicate flower.
  • BTC in gold terms? About 30.9 ounces, which is just enough to buy a nice necklace.

Technical Musings & Forebodings

  • The US Treasury’s yields have fallen—an ominous sign perhaps, suggesting more losses ahead, or a soft landing for Bitcoin—a coin flip, really.

Crypto Stocks & Their Follies

  • MicroStrategy dances at $378.10, a loss of 2.41% but a pre-market rally hints at redemption. Coinbase wobbles at $256, down 1.12%, yet remains resilient.
  • Galaxy, Riot, Core Scientific, and friends parade their gains or losses—each more dramatic than the last—proof that crypto stocks enjoy their own soap operas.

Money Flows & Flux

Spot BTC ETFs

  • Daily flow: a modest $87 million—enough to impress a banker but not the masses.
  • Cumulative: a staggering $44.55 billion, because even in despair, the crowd loves a good ETF.
  • Total BTC: approximately 1.2 million held—enough to make Sauron slightly jealous.

Spot ETH ETFs

  • Daily flow: a mere $57 million, less invigorating than decaf coffee.
  • Cumulative: $3.30 billion, which suggests that some still believe in the fairy tale.
  • Total ETH: around 3.73 million—more than enough to build a small city.

Overnight Mysteries & Murmurs

Chart of the Day: Prophecy or Propaganda?

  • According to the wise sages at Bitwise, Bitcoin will outperform all assets—except perhaps in an allegorical fairy tale—creating wealth that would make Midas blush.
  • Less a mere rumor, expectations of higher prices often turn into self-fulfilling prophecies—because in crypto, belief is often as good as gold.

In Etherland & Others





Francisco Rodrigues, Siamak Masnavi, Jamie Crawley, James Van Straten contributed reporting—trust them to make sense of the madness.

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2025-06-05 15:23

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