Share this article
Bitcoin Started Moving in Sync With S&P 500, Volume Dropped, Kraken Says in June Volatility Report
According to the crypto exchange’s report, June was the most uneventful month for Bitcoin (BTC) trading since February and was marked by a reversal in correlation trends with gold and the S&P 500.
Updated Sep 14, 2021, 9:29 a.m. Published Jul 9, 2020, 5:54 p.m.
A 31% drop in month-over-month trading volume in June drove bitcoin’s annualized volatility to a six-month low, according to a recent report by the cryptocurrency exchange Kraken.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- According to the report, June was the most uneventful month for bitcoin trading since February as a lack of market activity brought down trading volume to a four-month low of $36.6 billion.
- In light of the subdued market and low volatility, bitcoin saw a price drop of 4.4%, the lowest monthly change since August last year.
- The report also found that in a reversal of trends from earlier this year, bitcoin’s 30-day correlation with the S&P 500 turned “substantially more positive” and climbed to 0.65 in late-June.
- In the same month, bitcoin’s 30-day correlation with gold slipped below the 1-year average and hit a low of -0.49.
- According to the report, bitcoin’s reversal in correlations with gold and S&P 500 made it behave less like a safe-haven asset and more like a traditional financial asset amid a global stock market recovery during June.
- The report says market participants for bitcoin should now pay closer attention to the 30-day forward looking volatility index for the S&P 500 (VIX), and that if BTC is going to break the multi-year macro down-trend, it would need to climb above $10,500 and trigger an upward trend.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Miner capitulation is a contrarian signal, indicates renewed bitcoin momentum, VanEck says
VanEck data shows declining bitcoin mining activity has historically preceded strong returns in bitcoin.
What to know:
- VanEck data shows that in the past 30 days bitcoin’s hashrate dropped by the most since April 2024
- Hashrate declines are historically aligned with miner capitulation and markets closer to local bottoms than tops.
- According to VanEck, periods of negative 90-day hashrate growth have delivered positive 180-day bitcoin returns 77% of the time.
Top Stories
