Summary

• Bitcoin declined 10.3% m/m to a ~$70,321 30-day average as US spot ETFs saw ~$5.0B in outflows.
• Onchain metrics signal capitulation: realized losses surged 78% m/m, profit/loss ratio fell to 0.27, and sub-par returns are likely near term.
• Options markets turned defensive, with put premiums up 46% m/m and call/put premium ratio dropping to 0.73, reflecting increased downside hedging.
• Miners face revenue pressure, selling BTC to fund operations and diversifying into AI/HPC, as daily revenues remain at the lower end of recent ranges.

Bitcoin’s 30-day average fell to ~$70,321 (-10.3% m/m) as US spot ETPs shed ~$5.0B; holders capitulate, and miners lean on AI.

Please note that VanEck has exposure to Bitcoin.

Bitcoin Sells Off in June 2026