Bitcoin closed June above $104,000, marking its highest monthly close, despite traditional on-chain metrics suggesting weak buyer demand. U.S. spot Bitcoin ETFs recorded nearly $4 billion in inflows, indicating strong institutional demand. However, much of this buying is obscured by how institutions operate, typically via OTC desks or centralized exchanges designed to handle large volumes without disrupting market signals. Consequently, on-chain data fails to capture this activity, leading to perceptions of lower demand. Analysts note the drop in Bitcoin held in OTC addresses and miner-linked balances, suggesting a shift in how Bitcoin is moved. Institutional buying remains significant, yet off-chain transactions lead to a disparity between observed data and actual market activity. This infrastructure gap limits liquidity for institutional demand and has resulted in a muted price action post-Bitcoin halving. As the market adjusts, observers note that even modest institutional interest can influence Bitcoin prices significantly.

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