The weekly report said Bitcoin lagged surging U.S. equities, while seller exhaustion and options-market volatility metrics pointed to a market still above past capitulation conditions.
Bitcoin was largely flat even as major U.S. stock indexes set fresh record highs, underperforming the S&P 500 by more than 4 points, Glassnode said in a weekly report published on the 5th. The crypto data firm said combined flows tied to U.S. spot Bitcoin ETFs and treasury holdings by listed companies recorded an outflow of about 65,800 BTC in June, marking the worst monthly outflow on record. The report also highlighted weaker market internals: a seller exhaustion indicator remained roughly 30% above levels seen at past bottoms, while upside implied volatility in the options market fell to a record-low 23%. Together, those signals suggest capital has been leaving key institutional holding channels while derivatives pricing shows muted expectations for upside, even though the market has not yet reached the same washout conditions seen in prior cycle lows.