Bitcoin Holds Steady in June as Long-Term Holders Reach Record High

Bitcoin recorded a modest 2.55% gain in June, closing the month below its May peak of $112,000. The cryptocurrency continues to trade within a tight range, signaling a consolidation phase, according to ARK Invest’s latest Bitcoin Monthly report.

A notable trend highlighted is the growing dominance of long-term holders (LTHs), who now control 74% of the total bitcoin supply — the highest share in 15 years. This reflects strong conviction among seasoned investors, even as the inflow of new buyers slows down.

However, on-chain data shows weakening capital flows in Q2, based on the Market-Value-to-Realized-Value (MVRV) momentum metric. This decline suggests cooling enthusiasm and a shift in investor sentiment, raising concerns about near-term momentum.

The broader macroeconomic backdrop is also impacting crypto markets. The U.S. dollar continues to strengthen, as indicated by the Fed’s Nominal Broad Trade Weighted Dollar Index. This contradicts the long-held narrative of dollar debasement, a key bullish argument for bitcoin as a store of value.

Meanwhile, U.S. inflation continues to ease, casting doubt on bitcoin’s appeal as an inflation hedge. Still, lower inflation may support looser monetary policy, potentially benefiting risk assets like tech stocks and cryptocurrencies.

ARK’s report also flags concerns in the housing market, where a mismatch between high seller expectations and falling home sales could signal weakening consumer confidence and economic strain.

With rising long-term holding behavior, muted market inflows, and mixed macro signals, bitcoin appears to be in a wait-and-see mode — poised between bullish conviction and cautious sentiment. As institutional and retail interest recalibrates, the next major move may hinge on macroeconomic shifts and capital rotation into digital assets.