Provisional figures come from days that have closed but whose inputs, such as the quoted price or a company's latest filing, can still be revised; the linked chart always shows the current value.
Prices
ProvisionalBitcoin closed the second quarter at $58,532, down 14.2% on the quarter; Ether closed the second quarter at $1,572, down 25.3% on the quarter.
- Bitcoin quarter close
- $58,532−14.2%
- Ether quarter close
- $1,572−25.3%
Valuation
ProvisionalBitcoin ended the quarter 1.5% above its realised price of $57,680, the average cost of the coins in circulation, which itself fell from $58,799. Its MVRV Z-score went from 0.47 to 0.18. The share of its supply in profit went from 48.4% to 38.1%.
Ether ended the quarter 30.1% below its realised price of $2,248, the average cost of the coins in circulation, which itself fell from $2,359. Its MVRV Z-score went from −0.19 to −0.52. The share of its supply in profit went from 42.2% to 27.9%.
Long-term holders, coins unmoved for at least 155 days, rose by 1.84M BTC to 16.64M BTC; younger coins fell by 1.80M BTC to 3.41M BTC.
- Bitcoin MVRV Z-score
- 0.18−0.29
- Bitcoin supply in profit
- 38.1%−10.29 pts
- Bitcoin market cap
- $1.17T−14.0%
- Ether MVRV Z-score
- −0.52−0.33
- Ether supply in profit
- 27.9%−14.33 pts
- Ether market cap
- $191.5B−25.2%
- Long-term holder supply
- 16.64M BTC+1.84M BTC
Derivatives
Perpetual open interest in bitcoin on Bybit, OKX, Kraken and Bitfinex went from $5.14B to $5.27B combined. Perpetual funding summed to +0.25% over the 30 days to the quarter's end, against −0.16% at the end of the first quarter. CME open interest, in the last CFTC report dated in the quarter (30 Jun), was 97,311 BTC, against 106,609 BTC on 31 Mar.
Perpetual open interest in ether on Bybit, OKX, Kraken and Bitfinex went from $2.87B to $2.05B combined. Perpetual funding summed to +0.13% over the 30 days to the quarter's end, against −0.04% at the end of the first quarter. CME open interest, in the last CFTC report dated in the quarter (30 Jun), was 1.10M ETH, against 1.45M ETH on 31 Mar.
- Bitcoin perp open interest, 4 venues
- $5.27B+2.4%
- Ether perp open interest, 4 venues
- $2.05B−28.5%
ChartsBTCBybit Perpetual Open InterestPlusBTCOKX Perpetual Open InterestPlusBTCKraken Perpetual Open InterestPlusBTCBitfinex Perpetual Open InterestPlusBTCFutures Funding Rate (30-Day Cumulative)PlusBTCCFTC Futures Open Interest by ContractPlusETHBybit Perpetual Open InterestPlusETHOKX Perpetual Open InterestPlusETHKraken Perpetual Open InterestPlusETHBitfinex Perpetual Open InterestPlusETHFutures Funding Rate (30-Day Cumulative)PlusETHCFTC Futures Open Interest by ContractPlus
Stablecoins
Stablecoins on Ethereum fell by $6.49B to $175.4B in the second quarter. Bitcoin's market value stood at 6.70 times that supply, against 7.51: the higher the ratio, the less buying power the stablecoins hold against it.
- Stablecoins on Ethereum
- $175.4B−3.6%
US spot ETFs
The US spot bitcoin ETFs whose daily holdings files we read gave up a net 53,954 BTC in the second quarter, over the 62 trading days in our data. Together they held 788,342 BTC on 30 Jun; the funds we read all quarter went from 842,296 BTC to 788,342 BTC (−6.4%).
The biggest day was 17 Apr, with +5,282 BTC; the heaviest outflow came on 18 May, at −7,463 BTC; by fund, IBIT gave up 49,483 BTC and ARKB gave up 3,068 BTC.
The US spot ether ETFs whose daily holdings files we read gave up a net 248,439 ETH in the second quarter, over the 62 trading days in our data. Together they held 3.06M ETH on 30 Jun; the funds we read all quarter went from 3.31M ETH to 3.06M ETH (−7.5%).
The biggest day was 9 Apr, with +43,994 ETH; the heaviest outflow came on 23 Jun, at −52,939 ETH; by fund, ETHB took in 93,425 ETH, EZET took in 369 ETH, ETHA gave up 339,880 ETH and ETHV gave up 1,853 ETH.
- Bitcoin ETF net flow62 trading days, funds we read daily
- −53,954 BTC
- Bitcoin ETF holdings30 Jun
- 788,342 BTC
- Ether ETF net flow62 trading days, funds we read daily
- −248,439 ETH
- Ether ETF holdings30 Jun
- 3.06M ETH
Treasury companies
ProvisionalCompanies that file with the US SEC added a net 117,039 BTC in the second quarter, by the holdings they reported, and ended the quarter with 1.18M BTC. Miners produced 40,659 BTC in the same days, so the companies took 2.9 times the new supply. With the ETFs we read, funds and companies absorbed 63,085 BTC, 1.6 times what was mined.
Companies that file with the US SEC added a net 1.07M ETH in the second quarter, by the holdings they reported, and ended the quarter with 6.97M ETH.
How the buying is paid for: over the four quarters they had reported by the end of the second quarter, bitcoin treasury companies raised $27.8B, $15.5B from common stock and $12.3B from preferred stock.
- Bitcoin minedour own node
- 40,659 BTC
- Company bitcoin holdingsSEC filers, as reported
- 1.18M BTC+117,039 BTC
- Company ether holdingsSEC filers, as reported
- 6.97M ETH+1.07M ETH
- Raised by bitcoin treasury companieslast four reported quarters
- $27.8B
CME futures positioning
On CME bitcoin futures, in the last CFTC report dated in the second quarter (30 Jun), asset managers were net long 9,917 BTC, from net long 23,914 BTC on 31 Mar; leveraged funds were net short 27,083 BTC, from net short 40,284 BTC on 31 Mar; dealers were net long 22,559 BTC, from net long 19,164 BTC on 31 Mar.
On CME ether futures, in the last CFTC report dated in the second quarter (30 Jun), asset managers were net short 152,742 ETH, from net short 5,418 ETH on 31 Mar; leveraged funds were net short 246,338 ETH, from net short 520,846 ETH on 31 Mar; dealers were net long 406,913 ETH, from net long 521,018 ETH on 31 Mar.
The CFTC publishes these positions each Friday for the Tuesday before. Asset managers are funds that mostly hold futures alongside other assets; leveraged funds include hedge funds running basis trades, which pair short futures with long ETF or spot positions.
- CME bitcoin, asset managers net
- +9,917 BTC−13,998 BTC
- CME bitcoin, leveraged funds net
- −27,083 BTC+13,201 BTC
- CME bitcoin, dealers net
- +22,559 BTC+3,395 BTC
- CME ether, asset managers net
- −152,742 ETH−147,324 ETH
- CME ether, leveraged funds net
- −246,338 ETH+274,507 ETH
- CME ether, dealers net
- +406,913 ETH−114,104 ETH
Go further than the quarterly review
Every figure above links to a live chart with its method and source explained. The plans add fresher data, finer resolution, downloads and the API.
Plus
$18 a month, billed monthly
Hourly data with on-chain readings as of the latest block, the liquidation map every minute, sharp moves of every coin explained, the leverage gauge in full and downloads.
- Current readings and full history on every Plus chart, updated every hour
- Hourly resolution with the latest completed hour
- On-chain readings as of the latest block for Bitcoin and Ether, provisional until the hour is sealed: exchange flows and transfer volume on both, SOPR, realized cap and price, profit and loss and coin days destroyed on Bitcoin, and the fee burn on Ether
- Plus charts: valuation and cycle indicators with hourly data and long- and short-term holder variants (eight classic ones are free daily with an account), holder, supply and exchange-flow charts, the full history of futures open interest, funding, long/short and taker ratios, liquidations and the estimated liquidation heatmap on every coin, treasury companies’ cost basis, profit and loss and history, hashprice, and LINK staking and Reserve detail
Pro
$59 a month, billed monthly
All premium charts, including options and derivatives depth, with ten-minute data and full-history downloads.
- The latest data on every chart, including all Pro charts
- 1-minute price, volume, open interest, funding and liquidation data, and 10-minute resolution where a chart offers it
- Pro charts: cohort breakdowns, entity-adjusted and per-exchange metrics, options and derivatives depth, price candles and spot volume
- Full exact-history downloads
How this review is made
The review is written automatically after each quarter closes, from the charts CryptoKeyhole publishes. Valuation figures come from our own Bitcoin and Ethereum nodes, derivatives from the venues' public market data, and the CME figures from the CFTC's weekly reports. Where a market-wide chart does not reach back to the previous quarter, the figure names the venues it covers. No one edits the figures, and each sentence only restates them.
A quarter is a calendar quarter in UTC. A level compares the last reading of the quarter with the last reading of the quarter before; a flow is the sum of every day of the quarter. A chart whose history starts inside a quarter gives no figure for it. Each linked chart explains its source and calculation.
The sentences describe the quarter's data and make no forecasts.