Monthly Update June | New record for Bitcoin
This month's update takes you through the key events of June, including Bitcoin's new record and a significant new development concerning the Ripple case.
However, the summer of 2022 turned out to be Bitcoin‘s worst in five years. The collapse of Terra, a major stablecoin, led to the evaporation of billions of dollars within a short period, shaking investor confidence across the entire crypto sector. In contrast, June 2023 saw a brief positive turn, largely driven by a wave of ETF applications, which temporarily boosted optimism around Bitcoin. But a year later, the situation reversed. ETF inflows remained modest, partially due to the effects of the Bitcoin halving.
A New Record
This year, it seemed Bitcoin was once again on track to end June in the red. Rising geopolitical tensions in the Middle East left a visible mark on the price, with Bitcoin losing momentum in the final days of the month. Buying pressure decreased, and more traders began taking profits. All eyes turned to Bitcoin ETFs: strong inflows there could help support Bitcoin‘s valuation. Last week alone, ETF inflows reached $2.2 billion—ranking among the top 10 highest weekly inflows on record.
Despite the uncertainty, Bitcoin set a new all-time high for a monthly close in June, finishing just above $107,000. This surpassed the previous record, set only a month earlier, with a close of $104,600. It also marked the third consecutive month of gains for Bitcoin. Most other cryptocurrencies, however, lagged behind in June‘s performance.
Looking Ahead: Optimism for July
Expectations for July are high. Historically, Bitcoin has closed the month in the green seven out of the past ten years, with an average gain of 9%. Whether this year will follow that trend remains to be seen.
Court Rejects Settlement Proposal In early June, Ripple and the SEC jointly filed a motion to remove the permanent injunction and reduce the imposed fine from $125 million to $50 million. This would have also lifted the trading restrictions on XRP in the United States. However, Judge Torres rejected the motion on procedural grounds and in the interest of public protection. As a result, both the fine and the trading limitations remain in place. Both parties now have the option to appeal the ruling to the 2nd Circuit Court of Appeals.
What‘s Next? According to CEO Brad Garlinghouse, Ripple has decided to withdraw its cross-appeal and expects the SEC to do the same. This signals that the dispute may be nearing its conclusion, although for now, XRP remains under pressure due to the sustained penalties and restrictions. Both parties can still either fully accept the ruling or pursue a formal appeal process.
For investors, the good news is that XRP retains its non-security status for exchange trading, which supports wider adoption and opens the door to potential spot ETF listings. Still, the regulatory landscape remains partially unsettled as long as the injunction is active and no definitive settlement has been reached. Analysts expect both sides to reach a resolution in the coming months, potentially under revised terms but without compromising XRP‘s status as a freely tradable asset.
Ripple ETF on the Horizon
In a major development, XRP has been included for the first time in a regulated spot ETF. As of 1 July 2025, the Grayscale Digital Large Cap Fund officially holds XRP as part of its portfolio.
This inclusion adds pressure on the SEC to approve a standalone spot XRP ETF. Leading asset managers such as Bitwise, Grayscale, and Franklin Templeton have already submitted applications. Grayscale alone manages over $754 million in assets, with nearly 5% allocated to XRP.
A dedicated XRP ETF could significantly boost demand. The SEC has until October 2025 to issue its decision, but analysts see a strong likelihood of approval this year—some estimating a 90–95% chance. Should approval come through, XRP‘s price is expected to respond positively.
This shift reflects a broader global reallocation of capital, as investors move away from US assets amid concerns over American trade policy and its growing budget deficit. European governments, meanwhile, are boosting public spending, and central banks across the continent are aggressively cutting interest rates—making the region increasingly attractive to global capital.
Structural Shifts in Europe
One key driver behind this resurgence is Germany‘s fiscal pivot. The long-standing “debt brake” has been relaxed, and the country is now making significant investments in defence and infrastructure. After years of austerity, this shift has generated renewed optimism and is helping to fuel economic growth across the eurozone. The European Central Bank (ECB) has contributed to the momentum by cutting interest rates more aggressively than the more cautious US Federal Reserve.
Major asset managers such as Allianz Global Investors are responding by reducing their exposure to US assets and increasing allocations to European stocks and bonds. The euro has been a clear beneficiary, with forecasts predicting a potential rise to $1.20—or even $1.40—by the end of this year or in 2026.
At present, European equities trade at a steep 35% discount relative to their US counterparts, offering highly attractive valuations. On top of this, European companies tend to provide higher dividend yields and comparable levels of share buybacks. While earnings growth may still lag behind the US, the valuation gap remains substantial, making Europe a compelling option for investors seeking total return opportunities.
According to a recent Bank of America survey, 34% of investors are now overweight eurozone equities, compared with 36% favouring US equities. Capital flows reflect this rebalancing: European equity funds have attracted $46 billion in new inflows since the start of 2025. Analysts anticipate that a further €1.2 trillion could rotate from US to European equities over the next five years.
Implications for the Crypto Market
As capital rotates into Europe, a broader trend is emerging: Both US and European institutions all looking to invest more into crypto within Europe leading to the tokenisation of traditional assets. This process involves transforming conventional instruments such as equities and bonds into digital tokens on a blockchain. This trend is particularly promising for Layer 1 cryptocurrencies like Ethereum and Solana, as increased tokenisation activity translates into more transactions—and higher network utilisation often supports higher token valuations.
The shift towards Europe also offers crypto investors new opportunities to diversify their portfolios. While digital assets remain more volatile than traditional securities, the improved sentiment surrounding European markets could boost interest in crypto projects tied to the region or targeting European users.
Importantly, the EU‘s new MiCA (Markets in Crypto-Assets) regulation positions Europe at the forefront of global crypto policy. This regulatory clarity reduces uncertainty and may serve as a catalyst for greater institutional and retail engagement with crypto assets within Europe.
June finally closed in green again
June is historically one of the worst-performing months for Bitcoin—only September has yielded lower average returns. External factors have often driven this seasonal weakness. In 2020, the COVID-19 crisis triggered a decline in Bitcoin‘s price. In 2021, China imposed a sweeping ban on Bitcoin mining and trading, which had a profound impact on the market.However, the summer of 2022 turned out to be Bitcoin‘s worst in five years. The collapse of Terra, a major stablecoin, led to the evaporation of billions of dollars within a short period, shaking investor confidence across the entire crypto sector. In contrast, June 2023 saw a brief positive turn, largely driven by a wave of ETF applications, which temporarily boosted optimism around Bitcoin. But a year later, the situation reversed. ETF inflows remained modest, partially due to the effects of the Bitcoin halving.
A New Record
This year, it seemed Bitcoin was once again on track to end June in the red. Rising geopolitical tensions in the Middle East left a visible mark on the price, with Bitcoin losing momentum in the final days of the month. Buying pressure decreased, and more traders began taking profits. All eyes turned to Bitcoin ETFs: strong inflows there could help support Bitcoin‘s valuation. Last week alone, ETF inflows reached $2.2 billion—ranking among the top 10 highest weekly inflows on record.
Despite the uncertainty, Bitcoin set a new all-time high for a monthly close in June, finishing just above $107,000. This surpassed the previous record, set only a month earlier, with a close of $104,600. It also marked the third consecutive month of gains for Bitcoin. Most other cryptocurrencies, however, lagged behind in June‘s performance.
Looking Ahead: Optimism for July
Expectations for July are high. Historically, Bitcoin has closed the month in the green seven out of the past ten years, with an average gain of 9%. Whether this year will follow that trend remains to be seen.
New development in Ripple case
XRP, currently the world‘s fourth-largest cryptocurrency by market capitalisation, recently saw its price dip by around 3%, in part due to ongoing developments in the long-running legal battle between its parent company, Ripple, and the U.S. Securities and Exchange Commission (SEC). While 2023 brought a positive ruling affirming that public XRP transactions are not considered securities, lingering legal uncertainty continues to weigh on investor sentiment.Court Rejects Settlement Proposal In early June, Ripple and the SEC jointly filed a motion to remove the permanent injunction and reduce the imposed fine from $125 million to $50 million. This would have also lifted the trading restrictions on XRP in the United States. However, Judge Torres rejected the motion on procedural grounds and in the interest of public protection. As a result, both the fine and the trading limitations remain in place. Both parties now have the option to appeal the ruling to the 2nd Circuit Court of Appeals.
What‘s Next? According to CEO Brad Garlinghouse, Ripple has decided to withdraw its cross-appeal and expects the SEC to do the same. This signals that the dispute may be nearing its conclusion, although for now, XRP remains under pressure due to the sustained penalties and restrictions. Both parties can still either fully accept the ruling or pursue a formal appeal process.
For investors, the good news is that XRP retains its non-security status for exchange trading, which supports wider adoption and opens the door to potential spot ETF listings. Still, the regulatory landscape remains partially unsettled as long as the injunction is active and no definitive settlement has been reached. Analysts expect both sides to reach a resolution in the coming months, potentially under revised terms but without compromising XRP‘s status as a freely tradable asset.
Ripple ETF on the Horizon
In a major development, XRP has been included for the first time in a regulated spot ETF. As of 1 July 2025, the Grayscale Digital Large Cap Fund officially holds XRP as part of its portfolio.
This inclusion adds pressure on the SEC to approve a standalone spot XRP ETF. Leading asset managers such as Bitwise, Grayscale, and Franklin Templeton have already submitted applications. Grayscale alone manages over $754 million in assets, with nearly 5% allocated to XRP.
A dedicated XRP ETF could significantly boost demand. The SEC has until October 2025 to issue its decision, but analysts see a strong likelihood of approval this year—some estimating a 90–95% chance. Should approval come through, XRP‘s price is expected to respond positively.
Europe regains interest from investors
After more than a decade of underperformance relative to the United States, European markets are undergoing a notable revival. In the first half of this year, European equities outperformed their American counterparts by the widest margin ever recorded in dollar terms. The recovery is not limited to equities alone: the euro has strengthened by 13% against the US dollar, and even German Bunds have outpaced US Treasuries.This shift reflects a broader global reallocation of capital, as investors move away from US assets amid concerns over American trade policy and its growing budget deficit. European governments, meanwhile, are boosting public spending, and central banks across the continent are aggressively cutting interest rates—making the region increasingly attractive to global capital.
Structural Shifts in Europe
One key driver behind this resurgence is Germany‘s fiscal pivot. The long-standing “debt brake” has been relaxed, and the country is now making significant investments in defence and infrastructure. After years of austerity, this shift has generated renewed optimism and is helping to fuel economic growth across the eurozone. The European Central Bank (ECB) has contributed to the momentum by cutting interest rates more aggressively than the more cautious US Federal Reserve.
Major asset managers such as Allianz Global Investors are responding by reducing their exposure to US assets and increasing allocations to European stocks and bonds. The euro has been a clear beneficiary, with forecasts predicting a potential rise to $1.20—or even $1.40—by the end of this year or in 2026.
At present, European equities trade at a steep 35% discount relative to their US counterparts, offering highly attractive valuations. On top of this, European companies tend to provide higher dividend yields and comparable levels of share buybacks. While earnings growth may still lag behind the US, the valuation gap remains substantial, making Europe a compelling option for investors seeking total return opportunities.
According to a recent Bank of America survey, 34% of investors are now overweight eurozone equities, compared with 36% favouring US equities. Capital flows reflect this rebalancing: European equity funds have attracted $46 billion in new inflows since the start of 2025. Analysts anticipate that a further €1.2 trillion could rotate from US to European equities over the next five years.
Implications for the Crypto Market
As capital rotates into Europe, a broader trend is emerging: Both US and European institutions all looking to invest more into crypto within Europe leading to the tokenisation of traditional assets. This process involves transforming conventional instruments such as equities and bonds into digital tokens on a blockchain. This trend is particularly promising for Layer 1 cryptocurrencies like Ethereum and Solana, as increased tokenisation activity translates into more transactions—and higher network utilisation often supports higher token valuations.
The shift towards Europe also offers crypto investors new opportunities to diversify their portfolios. While digital assets remain more volatile than traditional securities, the improved sentiment surrounding European markets could boost interest in crypto projects tied to the region or targeting European users.
Importantly, the EU‘s new MiCA (Markets in Crypto-Assets) regulation positions Europe at the forefront of global crypto policy. This regulatory clarity reduces uncertainty and may serve as a catalyst for greater institutional and retail engagement with crypto assets within Europe.