Key Points

• Bitcoin is projected to achieve a modest gain of just over 2% for June, marking its weakest performance since the previous July.
• Large holders (whales) and smaller wallets are mostly inclined to sell, even though ETF acquisitions persist.
• Data from Glassnode indicates a slowdown in profit-taking.

Current Market Status

Bitcoin is currently priced at approximately $107,000, reflecting a minimal rise of around 2% for the month. This is identified as the lowest monthly growth since July of last year.

Bear and Bull

The price movements are perplexing, with strong inflows into U.S. spot ETFs totaling about $3.9 billion in recent weeks, combined with a rise in corporate treasury adoption globally.

Whales’ Selling Habits

On-chain data from Glassnode suggests a different narrative. A specific metric, the Accumulation Trend Score, indicates that whale holders, those with more than 10,000 BTC, are slightly more inclined to distribute holdings, while smaller holders are becoming net sellers. Conversely, those holding between 10 and 10,000 BTC appear more opportunistic, alternating between buying and selling.

Current Market Dynamics

Since early 2025, the overall trend had been toward selling across all cohorts; however, accumulation picked up following Bitcoin’s dip below $76,000 in April. The market seems to be entering a new consolidation phase with profit-taking activity decreasing.

In a recent report, Glassnode emphasized that realized profits in this cycle have accumulated to $650 billion, surpassing the previous cycle’s $550 billion profit benchmark, underscoring a cooling phase in the market.