This month has not been kind to major altcoins. Ethereum [ETH] and Solana [SOL], for instance, have both been under immense pressure!
What’s interesting is that historically, June has been a weak period for both tokens. Here’s why…
June sell-off hits Solana harder than Ethereum
June has been rough for both Ethereum and Solana, with the latter taking the bigger hit.
Month to date, Ethereum was down 17.1% at press time, already worse than its historical June average of -7.68%.
Solana’s fall was worse at 20.5%. Its historical June average seemed to be less negative, but the median return was weak.
Simply put, ETH’s June weakness has been consistent. SOL’s drop has certainly been more severe though, especially in comparison to its usual performance over the month.
ETF flows add to failings
Ethereum Spot ETFs have seen a lot of outflows this month, with daily netflows at around $35.59 million at the time of writing.
Total net assets were near $8.96 billion. However, the demand has not been strong enough to support the token’s price so far.
Solana’s scene seemed to be smaller. Daily net inflow was flat, with total net assets around $729.15 million.
While SOL hasn’t faced the same outflows as ETH, there also hasn’t been enough green to offset the sell-off.
Traders are still holding risk
Despite the dull show though, there hasn’t been a full exit from risk.
Ethereum’s aggregated Open Interest was still around $10.06 billion, while its funding rate was slightly positive at 0.0040.
At press time, traders’ positions were still very much open. Even though conviction looked a little less strong than earlier in the month.
Solana’s appearance was similar, but on a smaller scale. Its Open Interest was near $1.80 billion, with funding also positive at 0.0070.
With funding only mildly positive, it might mean that the market isn’t sure yet. However, it might also definitely be a sign of hope that traders haven’t given up yet.
Final Summary
- Ethereum and Solana are extending their historically weak June trend.
- Despite the recent dip, traders have not fully exited ETH and SOL yet.