Share this article
Bitcoin Faces Weakest Monthly Growth Since July as Whales Counteract ETF Inflows
Mixed on-chain signals and highlight market uncertainty.
Jun 27, 2025, 10:48 a.m.
What to know:
- Bitcoin is on track for just over 2% gain in June, its weakest performance since last July.
- Whales and smaller holders lean toward selling despite continued ETF accumulation.
- Glassnode's data shows profit-taking is slowing.
Bitcoin is on track to record its weakest monthly performance in a year amid a puzzling mix of consistent spot ETF inflows and signs of on-chain selling by whales and small wallets.
As of writing, BTC changed hands at around $107,000, up just 2% for the month, according to CoinDesk data. That's the smallest monthly gain since last July.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The dour price action appears confounding as the U.S. spot exchange-traded funds (ETFs) have continued to see strong uptake, registering $3.9 billion in net inflows in consecutive weeks. Besides, the corporate treasury adoption continues at brisk pace globally.
Whale selling
However, on-chain data sourced from Glassnode, particularly one key metric called the Accumulation Trend Score, which breaks down the behavior of different wallet cohorts, doesn't paint a rosy picture.
The metric measures the relative strength of accumulation for each cohort based on the size of entities and the amount of BTC acquired over the last 15 days. A value closer to 1 suggests that participants in that cohort are accumulating coins, whereas a value closer to 0 signals distribution. Entities such as exchanges and miners are excluded from this calculation.
Currently, holders with balances between 10 and 10,000 BTC are in accumulation mode, though their behavior fluctuates between buying and selling, indicating they are more opportunistic traders rather than consistent buyers or sellers. Conversely, whales holding 10,000 BTC or more are leaning slightly toward distributing their holdings, while smaller holders are also net sellers.
Consolidation phase
Between January and April 2025, all cohorts were predominantly selling, but accumulation resumed once bitcoin bottomed in April near the $76,000 level. Now, the asset appears to have entered another consolidation phase.
In its latest “Week On-Chain” report, Glassnode suggests that profit-taking activity is beginning to slow. Realized profits have reached $650 billion in this cycle compared to $550 billion during the previous cycle. Glassnode attributes this trend to a market cooldown, further emphasizing the ongoing consolidation period.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
What to know:
- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
Top Stories
