Bitcoin
2026-07-13 03:58:49Monera Digital’s June crypto report says BTC entered deeper washout as ETF outflows and Strategy shift hit demand
Monera Digital said June marked a deeper phase of crypto market liquidation, with Bitcoin falling from $73,764 at the start of the month to around $59,624 by month-end, down about 19.2%, while Ether dropped from $2,007 to $1,572, down roughly 22%. In its June market report, the firm argued that three developments defined the month: the public break in the institutional bid narrative around Strategy, the largest monthly net outflow on record for spot Bitcoin ETFs at about $4.51 billion, and a microstructure shift from spot-led capitulation to late-month accumulation.
The report said Strategy’s decision to cut 32 BTC at the start of the month, followed by its Digital Credit capital framework and authorization to monetize up to $1.25 billion in BTC, changed the role of one of the market’s biggest price-insensitive buyers. It also pointed to broad weakness in U.S. channels, including persistent negative Coinbase premium readings and heavy ETF redemptions, as signs that marginal selling pressure dominated most of June.
At the same time, Monera Digital said several bottom-region signals began to appear. Long-term holders returned to net accumulation, their supply share rose to 88.1%, Ahr999 fell to 0.283, and loss-making supply exceeded profitable supply for the first time. Even so, the firm said a full trend reversal has not been confirmed because ETF flows have not stabilized, the dollar has not turned lower, and price has yet to reclaim key resistance levels.