Quick Take
Bitcoin faced a challenging period last week (June 17-23), marking one of its worst weeks of 2024. According to Glassnode, Bitcoin declined by 5.2% in week 25, making it the second worst-performing week of the year, just behind week 15’s 5.12% drop. The trend continued into week 26, with Bitcoin losing over 1% and dipping below the $63,000 mark.
Bitcoin: Weekly Price Performance: (Source: Glassnode)
June has historically been a tough month for Bitcoin, showing negative average performance since 2013, according to Coinglass. Alongside September, June is one of the only two months where Bitcoin consistently struggles. The digital asset is down over 12% for the second quarter of 2024, with only one week remaining.
Despite the recent downturn, there are potential positive signs on the horizon. Historically, July tends to perform better than June. Additionally, the upcoming round of 13-F filings for Q2 Bitcoin ETFs and the potential launch of Ethereum ETFs in July could provide much-needed tailwinds for the market.
Bitcoin Monthly Returns: (Source: Coinglass)
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