Entering the second half of 2025, Bitcoin is recording low volatility and declining monthly trading volume, amid U.S. spot Bitcoin ETF funds approaching the $50 billion mark in accumulated net capital flow.
According to data from The Block, the expected 'at-the-market' volatility index of Bitcoin — a measure predicting price volatility over periods ranging from 7 days to 6 months — has decreased to its lowest level since October 2023. At that time, the price of Bitcoin was only about one-third of its current value.
Along with low volatility, the monthly transaction volume on the Bitcoin network in June decreased by 15% compared to May, hitting its lowest level since October 2023. Trading activity in recent weeks has also dropped to a low point, with some transactions with extremely low fees still being selectively chosen by miners from the mempool to be included in blocks.
Although the network activity is less vibrant, demand from Wall Street for BTC continues to increase. Spot Bitcoin ETF funds in the U.S. have continuously recorded new highs in accumulated capital flows. Just in the last two days of the previous weekend, these funds attracted over $1 billion, bringing the total accumulated net capital flow to nearly $50 billion. The total value of BTC that these funds are holding is currently around $137.6 billion — the highest ever, according to data from SoSoValue.
Publicly listed companies have also been actively buying in June, with about 65,000 BTC (equivalent to $7 billion at current prices), according to data from BitcoinTreasuries. An analysis from Glassnode in June showed that although on-chain activity is almost 'absent', the number of transactions coming from institutions and individuals holding large assets has increased markedly, indicating the growing role of institutions and whales on the Bitcoin network.
Meanwhile, the trading volume of Bitcoin futures is showing signs of decline, which could be a signal for an upcoming summer lull for the world's largest cryptocurrency, according to The Block.