Stablecoins, Miners Outperform as $18B Gets Wiped Out From Crypto in June: JPMorgan
The total cryptocurrency market cap decreased by 8% in June to approximately $2.25 trillion, according to a research report by JPMorgan. This decline was seen across tokens, decentralized finance (DeFi), and non-fungible tokens (NFTs). In contrast, traditional markets such as the S&P 500 index and the Nasdaq saw gains of 4% and 6% respectively. Stablecoins performed better than other digital assets in June, with their market cap remaining flat or slightly higher, primarily driven by tether (USDT). Publicly listed Bitcoin miners also saw a 19% growth in their total market cap due to gains from "artificial intelligence-related power use cases." Daily spot crypto trading volumes fell by up to 18% compared to the previous month, and March 2024 was identified as the peak for the crypto ecosystem in the current cycle. Spot bitcoin ETFs experienced their second worst month in terms of flows since launching, with an estimated $662 million of sales over the month.
