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Bitcoin closed the month of June above the $107,000 mark, marking a record monthly close for the crypto asset. This represents the third consecutive bullish month, with Bitcoin now just a few percentage points away from breaking the all-time highs set in May.
U.S.-based Bitcoin exchange-traded funds (ETFs) are experiencing a particularly strong period, having recorded fifteen consecutive days of net inflows totaling nearly $4.7 billion. These continued inflows come as Bitcoin remains less than 5% below its all-time highs, highlighting strong institutional interest in the cryptocurrency. Among these funds, BlackRock’s IBIT stands out, accounting for approximately 81% of the net inflows during this period, or $3.8 billion. However, after a notable $501.2 million inflow last Friday, the pace has slowed, with just $102.1 million recorded on Monday. This contrasts with Ark Invest and 21Shares’ ARKB fund, which saw a net outflow of $10.2 million. Since their launch in January 2024, these Bitcoin ETFs have accumulated nearly $49.3 billion in net inflows, with assets under management now reaching around $128 billion. Meanwhile, U.S. Ethereum ETFs are also gaining traction, having posted $31.8 million in net inflows last Monday and now totaling $4.2 billion since their launch in July 2024.
For Bitcoin to surpass its current levels and reach new all-time highs, many analysts agree that a strong catalyst will be needed. This could come from improved macroeconomic conditions, a significant increase in ETF inflows, or a broader rise in global financial liquidity. Nicolai Søndergaard of Nansen believes that more accommodative monetary policies from the Federal Reserve could serve as this catalyst. However, he notes that Jerome Powell’s recent cautious remarks and the downward revision of inflation projections make any swift policy change in the U.S. uncertain. As a result, the market remains in a wait-and-see mode, sensitive to geopolitical developments and upcoming U.S. economic decisions.
The Bitcoin network experienced a notable drop in mining difficulty, which fell by about 7.5%—the largest decline since July 2021 during China’s major mining ban. This adjustment, which occurs automatically every 2,016 blocks, ensures that blocks are produced roughly every 10 minutes. Before Sunday’s adjustment, block production was slower than expected, with average block times reaching 10 minutes and 38 seconds. This drop in difficulty is directly linked to a decline in network hashrate, which fell from 902 EH/s to 838 EH/s. A large part of this decline is attributed to early summer heatwaves, particularly in Texas, where grid operators incentivize miners to reduce energy usage temporarily in exchange for power credits. This energy flexibility is one reason mining is becoming integrated into some U.S. energy markets.
This correction temporarily boosts miner profitability, with hashprice (estimated revenue per unit of computing power) rising to around $60 per PH/s per day. However, this relief may be short-lived, as a gradual recovery in hashrate is expected, which would mechanically reduce revenues. Historically, such large difficulty drops are rare and significant. The last comparable instance occurred during China’s 2021 crackdown, which drastically reduced global hashrate and forced miners to relocate. Although today’s context is different, the recent adjustments underscore how sensitive the Bitcoin network remains to external conditions such as weather, energy policies, and geopolitical dynamics.
As U.S. Senate Republicans work to pass President Trump’s wide-reaching budget bill dubbed the “Big Beautiful Bill,” a last-minute effort is underway to add a crypto-friendly amendment. Spearheaded by Senator Cynthia Lummis, the proposal aims to ease the tax burden surrounding crypto usage and ownership. Notably, it includes a de minimis exemption for small crypto transactions, which could facilitate everyday crypto payments. The amendment also includes two relatively uncontroversial measures: first, a clarification that staking and mining rewards would only be taxed upon sale, and second, a mark-to-market accounting provision that would give companies more flexibility in reporting unrealized crypto gains without triggering immediate taxation. The de minimis exemption is seen by many as crucial for promoting crypto use in everyday transactions, like buying coffee with Bitcoin. However, the exact threshold for the exemption remains unclear, having ranged from $600 to $200 and most recently around $300, depending on the version of the text. Despite the uncertainty surrounding the amendment’s final adoption, proponents are pushing for its inclusion before deliberations conclude. For many observers, this is a legislative “Hail Mary”—it’s either included today or not at all.
Ripple has announced it will drop its appeal in its long-running legal battle with the SEC (Securities and Exchange Commission), officially closing a case that began in 2020. This move comes shortly after Judge Analisa Torres rejected Ripple’s request to reduce the $125 million fine or overturn an earlier injunction. The case centered around alleged illegal sales of unregistered securities in the form of XRP tokens. While the court ruled in 2023 that XRP sales to retail investors via exchanges did not constitute securities, it found that some institutional sales did. Nevertheless, XRP’s legal status as a non-security remains unchanged—a critical point for Ripple and the broader crypto sector. Initially, the SEC sought a $2 billion fine, which the courts reduced to $125 million. Ripple and the SEC then jointly attempted to lower it to $50 million, without success. CEO Brad Garlinghouse stated that the company is ready to move on and focus on its mission to build the “Internet of Value.”
Strategy has continued its aggressive Bitcoin acquisition campaign with a recent purchase of 4,980 BTC worth approximately $532.6 million. Conducted between June 23 and 29, this is one of the company’s largest buys in recent weeks, bringing its total holdings to 597,325 BTC, valued at nearly $64 billion. Following Strategy’s lead, other companies such as Metaplanet—often referred to as the “Strategy of Japan”—have also increased their Bitcoin holdings. Metaplanet recently added 1,005 BTC, bringing its total to 13,350 BTC. Other firms like Semler Scientific and GameStop have also joined this trend, confirming Bitcoin’s growing role in corporate treasury strategies.
Deutsche Bank, Germany’s largest bank, is planning to launch a cryptocurrency custody service in 2026, in partnership with Austria-based Bitpanda and Swiss tech firm Taurus. This initiative is part of a broader strategy to expand the bank’s presence in Europe’s digital asset sector. Deutsche Bank has shown growing interest in crypto since 2020. In June, the bank’s head of digital assets, Sabih Behzad, mentioned the possibility of joining the stablecoin market—either by issuing its own token or participating in a consortium. The bank is also exploring tokenized deposit solutions for payments. This is not its first venture into crypto custody; in 2023, Deutsche Bank applied for a digital asset custody license in Germany and worked with Taurus on related infrastructure. It also explored building a layer-2 blockchain using Ethereum’s ZKsync technology. The announcement comes amid a wave of crypto adoption in Germany, with other major institutions like Sparkassen-Finanzgruppe recently revealing plans to offer crypto trading services to their 50 million clients.
Bitcoin remains above the $107,000 mark, bolstering analyst confidence that the asset could soon reach new all-time highs. Contributing factors include reduced geopolitical tensions between Iran and Israel, waning inflation fears, and the potential for a shift in U.S. monetary policy. Jeff Mei of BTSE suggests that pressure is mounting on Federal Reserve Chair Jerome Powell to cut interest rates sooner than expected, which would boost financial markets—including crypto. Markets are already pricing in a more than 20% chance of a rate cut at the upcoming FOMC meeting in late July. Analyst Rachael Lucas adds that several catalysts are at play: institutional purchases, Bitcoin-backed mortgage products, and regulatory advances. She also highlights the growing role of crypto in traditional finance, such as U.S. agencies evaluating its use in mortgage assessments.
Bitcoin’s price continues to inspire growing optimism, with some analysts predicting a rally to $200,000 by late 2025. This outlook is supported by a significant rise in profitability: around 98% of circulating Bitcoin is currently in profit, according to Glassnode. While this level reflects strong bullish sentiment, it also raises the risk of a short-term correction as investors may lock in gains. The realized profit/loss ratio has surged to 2.8—a 156% increase since June 22—indicating both confidence and potential exhaustion. Glassnode notes the market is in a state of “cautious optimism,” driven by increased institutional involvement and renewed accumulation. However, continued demand and broad market confidence will be essential for sustaining this upward trend.
The presented information is as of July 1st, 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
