Bitcoin's (BTC) price appreciation has slowed significantly in June, potentially marking its weakest monthly performance since July of the previous year. Despite robust inflows into US Bitcoin spot ETFs, selling pressure from both large "whale" investors and smaller holders is hindering substantial market gains. According to a Glassnode report highlighted by CoinDesk, the BTC Accumulation Trend Score reveals a nuanced picture. Addresses holding between 10 and 10,000 BTC are exhibiting short-term, opportunistic trading patterns, oscillating between buying and selling. More notably, whales holding over 10,000 BTC have recently been reducing their holdings, contributing to the downward pressure. Adding to this trend, small holders possessing less than 10 BTC are also generally engaging in net selling. This collective selling behavior suggests that, irrespective of the positive influence of ETF inflows, major market participants are adopting a cautious perspective regarding the potential for a significant short- to mid-term Bitcoin price rebound. As of late June, Bitcoin hovers around $107,000. ```

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