The crypto market, which experienced a rollercoaster ride in June, may be on the cusp of a “relief rally.” Analysts observe that selling pressure has waned, providing a glimmer of optimism for July. Let’s delve into the details:
June was a tumultuous month for cryptocurrencies, with Bitcoin (BTC) dropping nearly 7% and altcoins following suit. The total crypto market capitalization shed around $400 billion from its peak of $2.5 trillion in May. However, recent developments suggest a potential turnaround.
Sellers Exhausted: A Positive Sign
CryptoQuant verified author Minkyu Woo notes that sellers appear to be “finally exhausted.” The average Tether (USDT) outflows from exchanges have decreased after a strong surge in June. This reduction in outflows indicates that investors are more inclined to hold their assets rather than withdrawing cash from the market. Woo suggests that this shift in sentiment could be linked to the Bitcoin halving event.
Unlocking Mt. Gox’s BTC: A Headwind
Despite the positive signs, July presents challenges. Approximately $9 billion worth of BTC is set to be unlocked by long-bankrupt exchange Mt. Gox. Creditors seeking to cash out their locked-up crypto could introduce selling pressure. However, the overall sentiment remains cautiously optimistic.
As we enter July, the crypto market awaits a potential relief rally. While uncertainties persist, the gradual easing of selling pressure hints at brighter days ahead.

Eva Lane is a dedicated crypto news writer at Crypto Quill, with a keen eye for emerging trends and developments in the world of cryptocurrency. Passionate about blockchain technology and digital currencies, Eva’s articles provide readers with timely and informative insights into the dynamic realm of crypto. With a knack for thorough research and clear communication, Eva delivers engaging content that keeps audiences informed and engaged. Count on Eva to unravel the complexities of the crypto world and bring you the latest news and analysis with precision and expertise.